Key News What a difference a day can make!
What a difference a day can make! Asian equities were strong overnight as Japan, Hong Kong, and India outperformed. Hong Kong-listed internet names took the baton from the US rebound yesterday and kept going overnight as Alibaba rebounded +12.24% in Hong Kong versus +10.4% in the US yesterday. Brokers pointed to Alibaba’s decision to split the management teams of its domestic and international E-Commerce businesses as a catalyst for its shares. Despite the rally in shares, the CSRC’s Sunday statement in support of the VIE structure and US listings still has not garnered significant media attention. Helping sentiment was the PBOC bank reserve requirement cut and strong export/import data.
