Meituan & NetEase Beat, Debt Ceiling, US Dollar Weigh On Risk Assets

Key News

Asia had another rough night on the US debt ceiling concerns except for Taiwan, which rode Nvidia’s earnings higher.

Ironically, the debt ceiling is driving the US dollar higher as the Asia Dollar Index fell overnight along with China’s Renminbi. The US dollar’s strength has weighed on stocks globally, except for the US, over the last month though it makes foreign goods and commodities cheaper, which should help lower inflation. Mainland China and Hong Kong were down following the performance of US-listed China stocks yesterday, as the debt ceiling and US-China political rhetoric were not helping.