Week in Review
- China’s better-than-expected economic release this week failed to lift markets as most Asian equity markets closed lower on the week.
- The Biden Administration added to the types of semiconductors that US companies and those using US-developed technology are unable to export to China, though most global chipmakers reported that they expected a small impact from the expanded list and continue to see target China for future growth.
- Buybacks continued to increase this week with 10 state-owned enterprises (SOEs) announcing new buybacks or increases in their buyback programs while internet giant Tencent has bought back nearly $4 billion worth of its own stock so far this year.
- Electric vehicle giant BYD guided for its Q3 net income to nearly double.
Asian equities ended an off week lower as 10-Year US treasury yields temporarily rose above 5% during Asia trading hours following Powell’s press conference