As mentioned elsewhere, risk-off flows.......>

STOCKS: As mentioned elsewhere, risk-off flows dominated the early part of the

session after the U.S. labelled China a currency manipulator, but the PBoC

fixing USD/CNY sub-7.00 and announcing the issuance of offshore CNH bills in

Hong Kong stemmed some of the worry.

- That being said, both Asia-Pacific cash equity benchmarks & U.S. equity index

futures remain well underwater (although U.S. equity index futures are notably

above than their intraday lows), with trade war angst front and centre.

- Nikkei 225 -1.6%, Hang Seng, -1.6%, CSI 300 -2.2%, ASX 200 -2.2%.

- S&P 500 futures -12, DJIA futures -123, NASDAQ 100 futures -29.