Asian equities were mixed but mostly lower overnight as Mainland China mirrored choppy trading in the US yesterday.
Asian equities were mixed but mostly lower overnight as Mainland China mirrored choppy trading in the US yesterday. Value outperformed in China as growth stocks, including the largest China internet names continued to come under pressure overnight following miniscule fines over the weekend. The re-nomination of Powell was a non-event for Asian markets. Bond yields were stable in China despite their rise in the US. Shanghai, Shenzhen, and the STAR Board closed +0.20%, -0.21%, and -0.25%, respectively. Meanwhile, the Hang Seng fell -1.20% and the Hang Seng Tech Index lagged, falling -1.36% overnight. Short video platform and TikTok rival Kuaishou Technology reported Q3 earnings overnight. The company grew overall revenue by +33% year-over-year in Q3 to RMB 7.7 billion. The company’s net loss was less than expected as its sales and marketing expense ratio decreased to 54% from 59% in the second quarter.
