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Week in Review
- Asian equities had a mostly positive week other than last night on multiple earnings releases including from Nvidia, which lifted semiconductor stocks.
- NetEase, Kuaishou, and Baidu all reported Q2 earnings this week with mixed but mostly positive results as advertising and game revenues come back in force.
- US Commerce Secretary Gina Raimondo prepared for her trip to China, which starts this weekend, by meeting with China’s Ambassador to the US, who urged cooperation and a constructive US-China relationship.
- Foreign outflows from Mainland stocks via Northbound Stock Connect made a U-turn on Thursday after two weeks of straight net selling.
Friday’s Key News
Asian equities ended the week with a thud except for Singapore and Thailand, which both managed small gains.
Technology, growth stocks, and growth sectors were hit the hardest on US rate hike fears as the US dollar strengthened overnight. Meanwhile, Hong Kong’s fall today erased the week’s gain, unfortunately.
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