Key News
Asian equities were largely higher overnight as Japan outperformed while South Korea was closed for their Memorial Day holiday.
It was a quiet night overnight as Hong Kong and Mainland China had a choppy session, though Shanghai and Shenzhen pushed slightly higher and above the 3,200 and 2,000 support levels, respectively. Hong Kong closed back above the 19,000 level, lifted initially by the morning release of Caixin’s May Services PMI, which came in at 57.1 versus expectations of 55.2 and April 56.4. Do not hold your breath for media headlines on China economic data outperforming, like the strong Caixin Manufacturing PMI release last week, which was not well telegraphed. Remember the Caixin surveys smaller companies and the gauge has increased for the 5th month in a row.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.