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China Risk-Off Bleeds Into Europe, With Mainland Equities Off 1%

CHINA
  • Weakness in Chinese/HK assets has persisted, with USD/CNH this morning touching levels not seen since mid-April while local equities suffer sharply. The Hang Seng Index closed lower by 4.4%, adding to yesterday's acute sell-off.
  • The sell-off in China assets has fed into the European open, with core European equity markets off 1% or more, while US futures markets come well off the overnight highs.
  • Beijing's decision to crack down on private tuition firms catalysed the sell-off late last week, with selling accelerating today and prompting speculation that offshore (namely US) funds are offloading positions and exiting the region.
  • Moves follow report from Bloomberg late yesterday "Cathie Wood Keeps Dumping Chinese Stocks as Beijing Cracks Down" which may be adding weight to this morning's moves.
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