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Key News
Asian equities were largely higher, though there were several pockets of minor weakness.
Hong Kong growth stocks underperformed as morning gains eased over the trading day as traders took short-term profits after the last two days of strong performance. Remember that Hong Kong represents foreign investors’ definition of China, indicating the lack of conviction in the space. This is despite positive news, including Commerce Secretary Raimondo’s China visit, which I discuss further below, Hong Kong looking to replicate the Mainland’s stock trading reforms that were recently implemented (cut to the Stamp Tax, which is absurdly high), chatter about the iPhone 15 launch, and the PBOC injecting another healthy dose of liquidity into the financial system. Meanwhile, Tier 1 city Guangzhou relaxed home purchase rules.
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