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Down Sharply, To Fresh Mutli-Year Lows, Limited Spill Over Though

CHINA STOCKS

China equity market weakness continues, although at this stage is largely isolated to onshore markets with limited spill over to other regional equities, or other asset classes.

  • The CSI 300 is off 1.5%, to fresh lows back to 2019. The Shanghai Composite is down by over 2%, with the index sub 2800.
  • This looks to be a further capitulation following very poor momentum in yesterday's session. Lack of fresh stimulus, concerns around economic momentum, are familiar headwinds.
  • We haven't seen a fresh catalyst for today's weakness. Northbound stock connect outflows are evident but not yet past 1bn in CNY terms.
  • Spill over is limited elsewhere, with the HSI up 0.40%, while USD/CNH is holding under 7.2200 at this stage.
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