Asian stocks are up, but Nomura says mainland gains look bubbly—Sophia and Jason break down why markets are running hotter than the real economy. We dig into China’s EV price war and who can actually reach break-even, plus Quick Hits: HSBC’s new HK chief, OSL listing BNB, and fresh shale gas finds. What to Watch: China’s August FX reserves on Sunday, Sep 7. Upbeat, clear, and actionable.

Sophia Reyes and Jason Miller unpack a mixed day in Asia—Hang Seng steadies while mainland markets slip—and why China’s resale home prices keep falling despite support. They dive into the bruising EV price war (BYD’s margin squeeze, Tesla’s cuts) and what separates future winners from also-rans. Quick Hits: rotation into Hong Kong names, the U.S. yanking TSMC’s China waiver, Hainan’s talent tax break, Alibaba’s post-earnings fade, and Meituan’s “LongCat” AI. Plus, why August PMI could be the next big catalyst.