Shanghai & Shenzhen Break Out Of Consolidation Levels, Trump Opposes TikTok Ban

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Asian equities were largely lower, as Hong Kong and Mainland China posted a strong start to the week while Japan and Australia underperformed the region. According to Microsoft’s
MSFT
Copilot, Indonesia was closed for the Hindu Saka New Year, which is a “Day of Silence” …reserved for self-reflection, meditation, fasting and rest” coinciding with the first day of Ramadan.

Analyst stock upgrades of growth stocks were a factor in both Mainland China and Hong Kong, along with strong inflows into China from Northbound Stock Connect and moderate inflow into Hong Kong-listed stocks and ETFs via Southbound Stock Connect. Mainland China’s most heavily traded stock by value was electric vehicle (EV) battery giant CATL, which gained +14.46% on an analyst upgrade and the announcement of a joint venture with smartphone maker Xiaomi and automaker BAIC.

Real estate was the top-performing sector in Mainland…