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Core EGBs See Support on Tough Chinese Equity Close

CROSS ASSET
  • Core European yields are under pressure in early trade, with German 10y off 7bps as Chinese/HK head for a sharply lower close.
  • The tough local finish for the Hang Seng (down 6%) and CSI-300 (down 2.7%) summarises the market view of confirmation for a third term for Xi Jinping - and the reshuffle of the politburo standing committee (including the removal of Li Keqiang and Wang Yang).
  • Some of the largest decliners included the likes of Alibaba and Tencent, both of which fell over 9% in Hong Kong trade.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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