Asian equities were mixed but mostly higher. Internet and growth stocks were also a mixed bag as some reported positive earnings.
Asian equities were mixed but mostly higher. Internet and growth stocks were also a mixed bag as some reported positive earnings. Travel booking platform Trip.com surged +10.77% overnight prior to earnings. The company has beaten estimates in the past two quarters on strong demand for its services in international markets, especially Europe. However, the company’s outlook depends on China’s lifting of its covid zero policy. In another demonstration of the disconnect between Hong Kong and US markets, the ADRs are down over -2% in US trading this morning, as of the time of writing. Trip.com and fast-food operator Yum China rallied in the US yesterday on reports of China migrating away from its zero-tolerance covid policy, which should also be a strong catalyst for the rest of the internet/E-Commerce space, which has been faltering on lackluster Q4 earnings due to a consumer slump in China caused, in part, by the country’s zero covid policy.
