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Key News
Asian equities were largely higher except for Taiwan and South Korea.
China and Hong Kong opened down, though the former managed a small gain and the latter a small loss. Hong Kong shares were not off nearly as much as US-listed China stocks yesterday, which should see a rebound in US trading today. The Securities Times, a government financial media outlet, had a front-page article highlighting the city of Shenyang canceling home-buying restrictions and advocating for other cities to follow suit. The article stated, “Restrictive policies such as purchase restrictions, loan restrictions, and sales restrictions were introduced in the past to curb house speculating during the overheating stage of the real estate market, and it is no longer appropriate to continue to implement them under the new situation of major changes in supply and demand relationship in the real estate market.” It advocated for “urgent” policy support to eliminate “restrictive policies”.
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