Southbound flows were net sellers CNY 3.222 bln today. Via Stock Connect (Shanghai), CNOOC and Alibaba-W saw net selling of HKD 1.437 bln and HKD 746 mln respectively; Kingboard Holdings recorded the largest net buy at HKD 1.488 bln. Via Stock Connect (Shenzhen), Alibaba-W and Tencent Holdings were net sold HKD 1.339 bln and HKD 1.045 bln respectively; Kingboard Laminates led net buys at HKD 2.692 bln.

JPMorgan Asset Management strategist Xu Changtai said the Fed is unlikely to adjust policy rates this year as the committee appears to be exercising patience. He noted the Fed left rates unchanged and removed an easing bias from its statement; the initial language was read as hawkish, pushing US Treasury yields higher and US equities lower overnight. He added that under the Fed’s new leadership the dual mandate of price stability and full employment and the framework that relies primarily on the federal funds rate appear to be consolidated.

Pakistan's Foreign Ministry said its foreign minister spoke with Egypt's foreign minister to consult on the recent US-Iran consensus. The ministers exchanged views on the consensus and on an MoU due to be signed Friday in Bürgenstock, Switzerland.