Probably due to uncertainty in the market due to SVB fallout. Good thing is that the US has guaranteed deposits for SVB and Signature so futures are pointing to a strong start. Surely this is the signal for the US Fed to pause rate hike? Probably also due to limited clarity on EV support in China post NPC. Although if you read some news, it is clear that China is going to boost the economy via consumption and specifically electric vehicles.
see article from Voice of America
https://www.voanews.com/amp/china-looks-to-consumers-to-drive-economic-rebound/6986608.html
Probably due to uncertainty in the market due to SVB fallout....
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