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Key News
Asia equity markets were mixed, with several markets closed for Eid al-Adha amid a slowdown in advance of the US holiday next week.
Hong Kong’s markets, which are considered offshore China and are predominantly owned by foreign investors, were off more than Mainland China’s markets, which are predominantly owned by domestic investors, though foreign investors cut their Mainland China holdings via Northbound Stock Connect by a healthy -$1.05 billion. Likely exacerbating the long weekend, risk-off mood was Jerome Powell’s expectedly hawkish commentary today, and June PMIs, which are expected to be released in a few hours. Foreign investors are far more pessimistic than domestic Chinese investors, as Western media is relentlessly negative.
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