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Major Indices Mostly Higher In Asia

EQUITIES

Most of the major Asia-Pac equity indices traded higher during the final session of the week, with U.S. e-mini futures also ticking up in overnight trade. Japanese equities benefitted from the latest uptick in JPY crosses, which would have helped exporters (the Nikkei 225 is ~1% higher on the day as a result). Meanwhile, in China, a continued feeling that the worst may be behind us when it comes to the regulatory crackdown, coupled with record Singles Day sales for Alibaba (which actually missed analyst exp.) & JD.com provided some support for the tech space, resulting in a minor uptick for the Hang Seng, although the CSI 300 edged lower. A quick reminder that Goldman Sachs have raised their offshore China equity recommendation to overweight (after lowering it to marketweight in July), while they remain overweight China A shares to start 2022. The press conference in the wake of the latest CPC plenum in China failed to provide anything that was truly risk negative.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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