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MNI EUROPEAN MARKETS ANALYSIS: Dip Buyer Interest Aids China/HK Stocks, USD/CNY Mid-Point Set At 14-Yr High

  • China asset volatility has remained the focus point again today. Onshore & HK equities opened lower, before dip buyers emerged. The range of HK tech stocks is close to 10%. Offshore investors returns to onshore shares today, after yesterday's record outflow.
  • The USD/CNY fix was set at the highest level since 2008 (7.1668), allowing onshore spot to break above 7.3000, CNH touched a fresh low near 7.3700. There was spill over to the rest of the region, but it was less evident compared to recent weeks. Oil nudged up but remains remain within recent ranges, while iron ore and copper fell despite firmer China equities. US yields tracked recent ranges, the 2yr holding close to 4.50%.
  • Still to come is the Australian budget speech (7:30pm AEST), followed by tomorrow's Q3 CPI print. In the US tonight, local data highlights today include Conf. Board Consumer Confidence & Richmond Fed M'fing Index, while Fed's Waller will speak at a conference in Las Vegas.

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  • China asset volatility has remained the focus point again today. Onshore & HK equities opened lower, before dip buyers emerged. The range of HK tech stocks is close to 10%. Offshore investors returns to onshore shares today, after yesterday's record outflow.
  • The USD/CNY fix was set at the highest level since 2008 (7.1668), allowing onshore spot to break above 7.3000, CNH touched a fresh low near 7.3700. There was spill over to the rest of the region, but it was less evident compared to recent weeks. Oil nudged up but remains remain within recent ranges, while iron ore and copper fell despite firmer China equities. US yields tracked recent ranges, the 2yr holding close to 4.50%.
  • Still to come is the Australian budget speech (7:30pm AEST), followed by tomorrow's Q3 CPI print. In the US tonight, local data highlights today include Conf. Board Consumer Confidence & Richmond Fed M'fing Index, while Fed's Waller will speak at a conference in Las Vegas.

Keep reading...Show less