China Last Night
KraneShares
Key News
While not a day that will live in infamy, Asian equities had a rough outing following the Nasdaq’s -2% drop yesterday, with the Goldman Sachs CEO’s pessimistic outlook on the US economy weighing on sentiment.
The Shenzhen Stock Exchange was the only positive market regionally as Hong Kong was hit with profit taking in a classic buy the rumor sell the news as the National Health Commission outlined ten measures that dial back COVID rules further. The State Council also outlined six measures to be taken by local governments. Mainland Chinese investors weren’t as negative as foreign investors were overnight as reopening plays such as travel and restaurant stocks had a strong day on the Mainland versus Hong Kong’s drop. It has been a very strong five weeks, so a pullback should surprise no one.
Mainland investors took profits in Hong Kong stocks, as evidenced by Southbound Stock Connect’s…
