Looks like the Shanghai Composite isn't.......>

CHINA: Looks like the Shanghai Composite isn't buying the more upbeat source

reports from the weekend re: Sino-U.S. trade matters, as well as the official

statements from both sides re: last week's jnr ministerial level talks.

- Equity traders are choosing to focus on Trump's statement re: only wanting a

complete deal & not needing a deal before the 2020 election, which was followed

up by the Chinese delegation cancelling a trip to the U.S. farmlands (although

the NYT has suggested this was to avoid a media circus and the impression that

China was meddling in U.S. political affairs). The index trades over 1.0% lower

on the day last.

- The move has dragged USD/CNH off the early lows, with the rate last dealing 1

figure or so lower vs. close at CNH7.1125. Bulls will look to reclaim the 21-dma

CNH7.1235, with a break above exposing Friday's peak of CNH7.1312.