Key News
Asian equity markets rebounded overnight, less so India, as Silicon Valley Bank (SVB) contagion fears receded. This morning, European markets and banks sold off significantly.
The Asia Dollar Index and CNH, China’s currency that trades during US hours, are off -0.48% and -0.46% on Europe’s sell off. It is a shame as there were positive catalysts overnight, specific to Hong Kong and China, which lifted stocks. Volumes were light, indicating investors were cautious post-SVB and Fed hike uncertainty, though Hong Kong breadth swung from awful yesterday to great today.
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