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Week in Review
- Asian equities were mostly lower for the week with South and Southeast Asia outperforming Northeast Asia as India and Pakistan were the top-performing markets.
- Internet earnings releases for Q3 this week included Pinduoduo, a strong beat on top and bottom line, Meituan, which was mostly in line with estimates, and Bilibili, which reported net income below estimates.
- President Xi traveled to Shanghai this week, where he met with multiple technology companies and visited an affordable housing complex.
- The PCAOB announced that it will be able to complete audit reviews for all auditors of US-listed Chinese companies, fining some for employees cheating on training exams.
Key News
Asian equities were mixed but mostly lower overnight as Mainland China outperformed Hong Kong.
The Caixin Manufacturing Purchasing Managers’ Index (PMI) for November came in at a higher-than-expected 50.7, indicating an expansion in activity. Consensus estimates had been for a slight contraction at 49.8. PMIs are diffusion indexes with readings above 50 indicating expansion and readings below 50 indicating contraction. Positives surprises for China’s economic data continue, though markets appear to have ignored this one.
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