Asian stocks mostly up; Hong Kong down; Asia Dollar Index increases

Asian stocks were mostly up while Hong Kong was down as the Asia Dollar Index increased overnight.

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Asian equities were largely higher overnight, with the Asia Dollar Index increasing. However, Hong Kong was off slightly. Overall, it was a positive night for Asian markets.

The launch of President Biden's Cancer Research "Moonshot" initiative has sent shockwaves through the Hong Kong and Chinese biotech industries, as investors fear that the move could lead to a shift of contract research away from Chinese firms. Wuxi Biologics (2269 HK) was the biggest loser on the day, tumbling 19.94% as investors reacted to the news. WuXiAppTec (2359 HK) also saw heavy selling, with its shares falling 16.82%. While the move may have a negative impact on Chinese biotech companies, it is worth noting that many of them, including Wuxi, already have significant operations in the United States. As such, the market reaction may be somewhat overdone.

Nio (9866 HK) was up +16.81% after releasing its ET5 sedan to a Tesla-like fan frenzy.

Despite a strong session in the United States yesterday, Hong Kong internet names were mixed today, with HK (9618 HK) falling by 4.11%. However, Hong Kong short sale turnover has come down recently.

This week's potential meeting between Putin, Modi, and Xi may have had a negative impact on foreign investment sentiment. However, domestic investors appear to be in a better mood, with Shanghai and Shenzhen stocks gaining ground. Economic data releases were mixed, but investors noted another supportive speech from a Chinese official. Foreign investors bought $572 million of mainland stocks today through the Northbound Stock Connect program. The Chinese yuan was slightly weaker against the US dollar, but Chinese Treasury prices eased.

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Last night's exchange rates, prices, and yields.

  • The Chinese New Year is upon us once again, and with it comes the potential for volatility in the currency markets.
  • The euro weakened against the Chinese yuan on Friday, as the single currency came under pressure amid concerns about the outlook for the European economy.
  • The yield on the 10-year government bond edged higher on Friday, as investors sought safe haven assets amid ongoing concerns about the health of the global economy.
  • The yield on 10-year China Development Bank bonds remained steady at 2.81% on Friday, compared to 2.80% the previous day.
  • The price of copper rose by 1.41% overnight, according to data from the London Metal Exchange.