Overview

• Asian equities rebounded with Taiwan leading the charge, jumping +3% after an analyst upgrade of Taiwan Semiconductor Manufacturing Company (TSMC).
• Hong Kong's market rallied, led by Tencent, Alibaba, and other major stocks despite initial declines and light gaming activity during the New Year's.
• Chinese New Year travel and consumption data show strong increases, with hotel bookings up +60% year-over-year and Meituan reporting a +36% YoY increase in daily consumption growth.
• Fund managers are reducing their exposure to China, with nearly 80% underweight China according to recent research, despite several hedge funds increasing their China weights based on Q4 SEC filings.
• Six mega-banks in Hong Kong announced actions to support financing needs for real estate projects, marking a step to support the beleaguered sector.