Posted 4/5/2024, 3:19:57 PM
Asian Markets Mixed as China Outperforms; EV Makers Energized by Sales and New Entrants; Biden, Xi Hold Constructive Call; China Services PMI Edges Up
- Asian equities were mixed for the week as Mainland China outperformed.
- The electric vehicle ecosystem was energized as BYD announced its second-highest-ever monthly sales in March and smartphone maker Xiaomi entered the space with great fanfare.
- President Biden and President Xi spoke for the first time since their November San Francisco meeting on Wednesday, with both calling the conversation “candid and constructive.”
- The March Caixin Services purchasing managers’ index (PMI), released Wednesday, was 52.7 versus expectations of 52.5 and February’s 52.5.
- Despite Yellen’s comments, there were three days of China-US Commerce and Trade Working Group meetings between Ministry of Commerce Vice Minister Wang Shouwen and US Deputy Secretary of Commerce Largo in Washington DC.