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Key News
Asian equities were largely lower overnight on little news and low volumes as Thailand was closed for Eid al-Fitr, which marks the end of the month-long dawn-to-sunset fasting of Ramadan, according to Google. Fed officials delivered some tough talk on fighting inflation, which weighed on sentiment as the US dollar strengthened, which sent the Asia Dollar Index lower by -0.3%.
China’s economic data release failed to give support to the market as both Mainland and Hong Kong markets were lower overnight on dollar strength and concerns about global growth. Nonetheless, the release was overwhelmingly positive, and internet and E-Commerce companies are likely to benefit the most from China’s consumer recovery, which is now evident.
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