Markets Gain On High Volumes, Further Details On Consumption Support

Key News

Asian equities ended a positive July on a high note, except for Taiwan and the Philippines.

Hong Kong and Mainland China both ripped higher at the open though curtailed gains over the course of the trading day. Volumes were very high as Hong Kong stocks traded at 122% of the 1-year average volume, and Mainland China traded 124% of the 1-year average. Mainland China volume exceeded RMB 1 trillion for the first time since July 3^rd, Southbound Stock Connect volume was more than 2X the recent average, and Northbound Stock Connect volumes were at MSCI rebalance day levels.