Key News Asian equities were mostly higher overnight. Internet and growth stocks rose overnight as Baidu reported positive Q4 2021 earnings that beat estimates. China released manufacturing and non-manufacturing PMIs overnight that beat estimates. A purchasing manager’s index (PMI) is a diffusion index, meaning that readings above 50 indicate expansion and readings below 50 indicate contraction. All PMIs released overnight came in above estimates as China’s economy appears to be picking up some steam after a consumer slump in the second half of 2021. Meanwhile, the higher-than-expected manufacturing PMI is likely due to steadier than expected demand for China’s exports…