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Mixed Fortunes

EQUITIES

E-minis stabilised overnight after the impulse from higher U.S. real rates pressured the space into the close on Monday. The Hang Seng was the biggest mover, shedding ~1%, as fallout from Monday's tech-led weakness in the U.S. equity space, coupled with the potential for greater tax burdens for Chinese online platforms (per comments from state-owned media outlets), weighed on the tech space. The ASX 200 benefitted from strength in energy and material names, with M&A activity surrounding BHP Billiton & Woodside supporting the former, while a rebound in iron ore prices (on hopes for looser restrictions and support for the Chinese property sector) supported the latter. Japanese markets were closed as Japan observed a national holiday.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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