Key News Asian equities had a rough night except for China and Indonesia, which both managed small gains. Hong Kong internet stocks were off following Tencent’s modest financial results and outlook yesterday. Shanghai’s lockdown is easing but won’t officially end until the end of the month, weighing on economic activity and earnings releases in Q2. This shouldn’t be a surprise to anybody. The internet names have gone through a 2000-like drawdown as the stocks already reflect a lot of bad news. Remember Hong Kong/US ADRs, which I call the offshore China market, reflect foreign investor sentiment toward China. In contrast,...