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Caixin Services PMI Doesn't Shift Negative China Equity Backdrop

CHINA

The positive market reaction to the earlier Caixin services PMI beat (51.5 versus 50.5 forecast) has proven to be fleeting. USD/CNH dipped back to 7.1465, but is now back above the 7.1500 level. Recent highs come in around the 7.1550/70 region, which could be targeted on any further upside extension.

  • China and Hong Kong remain under pressure. The HSI is off over 1% and close to session lows. The CSI 300 index is off around 0.70%, this is after closing at fresh lows back to 2019 yesterday. The real estate sub index continues to track lower, off a further 1.25% in the first part of trade.
  • 1 month USD/KRW has been supported on dips, last near 1309/10, testing Monday session highs.
  • Elsewhere, AUD/USD is lower back to 0.6610, with earlier current account data disappointing. It is the weakest performer in the G10 space.
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