Week in Review
- Asian equities had a decent week on strong volumes as most bank contagion fears subsided and the China internet names came roaring back.
- Pinduoduo and Tencent reported earnings this week. Tencent’s results were strong, while Pinduoduo’s results led to investor concerns about increased marketing expenses.
- Evergrande was back in the news this week with a new restructuring plan for its offshore debt.
- TikTok CEO was grilled by the US Congress on Thursday, making for entertaining television as Congress’ desire for a ban appeared to be a foregone conclusion.
Friday’s Key News
Asian equities curbed their enthusiasm as markets were largely lower, though growth sectors outperformed. The US dollar strengthened overnight as CNY and the Asia Dollar Index fell -0.8% and -0.62%, respectively, versus the US dollar.
It was a quiet night last night as TikTok’s congressional grilling garnered attention. As the Wall Street Journal notes, many US and global executives will be traveling to China for the China Development Forum as business people continue to get along and are getting on planes to meet with one another.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased