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sian equities were mixed this week, with Korea and Pakistan outperforming while Hong Kong and Mainland China lagged behind. Internet earnings releases dominated the news cycle, with Trip.com, Kuaishou, and Qifu Technology beating expectations, while PDD missed.

    China's Ministry of Industry and Information Technology encouraged solar panel manufacturers to cut excess production following a tax rebate reduction by the Ministry of Finance. This move aims to lower other countries' trade deficits with China ahead of potential trade negotiations with the US, EU members, and Brazil.

    Alibaba announced plans to merge its international and domestic e-commerce businesses into one unit and issue bonds in USD and CNY to fund share repurchases and investments. The company's CEO cited evolving business models and the need for integrated capabilities in global supply chains as reasons for the move.

    Asian equity markets were volatile overnight due to heightened geopolitical risks and US dollar strength, with Mainland China bearing the brunt of the downturn while Hong Kong held up slightly better.

    KE Holdings reported Q3 earnings, with revenue missing estimates but net profit beating expectations. The company's new home transactions jumped 18% year-over-year, a positive sign for China's real estate sector.

    Alibaba's restructuring move reverses last year's decision to separate its domestic and international e-commerce units. International commerce is growing faster than domestic due to the company's expansion into new markets and AI sourcing bots.

    Mainland investors continued to buy Hong Kong-listed stocks and ETFs via Southbound Stock Connect, with a net purchase of $328 million overnight. The Hang Seng and Hang Seng Tech indexes closed lower by -1.89% and -2.57%, respectively, on increased volume.

    Shanghai, Shenzhen, and the STAR Board all closed lower, with Utilities being the top-performing sector in Shanghai and Consumer Discretionary in Shenzhen. Health Care, Information Technology, and Financials were among the worst-performing sectors in both markets.

    Last night's exchange rates saw CNY per USD at 7.25 versus 7.24 yesterday, while copper price fell -0.20% and steel price rose +0.48%.