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Equity Futures Hit Highs (Breifly) on China State-Buying Headlines

CHINA
  • US equity futures lurch higher - albeit briefly - on Bloomberg headlines reporting that Chinese state funds are said to be buying stocks in order to slow the recent market decline.
  • The headlines follow the ~8% decline for the CSI300, ~7% decline for the Shanghai Comp over the course of 2022. Markets closed at the lows ahead of the Lunar New Year holiday (on Jan28) but have added near 3% since, with the resumption of trade at the beginning of this week.
  • The CSI 300 staged an impressive intraday reversal overnight, after the index dropped 2.4%, before paring the decline to secure a -0.6% close.

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