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CHINA: re: pressure on Chinese stocks: Broader global fallout on the back of
Coronavirus yesterday could be a trigger, but all sorts of questions there given
lower death count domestically today. Could markets have not liked the WHO's
assessment/potentially overoptimistic tone?
- More vol for Chinext, but it is NASDAQ-esque (tech dominated)
- Monday's outperformance likely driven by speculation re: deeper PBoC easing.
The potential is there, but state owned press seemingly trying to pull back on
deposit rate cut ideas a little (see press pickup) after recent comments from
certain PBoC members. "The PBOC should be cautious in lowering the benchmark for
deposit interest rates as any cuts would change prudential MonPol," - Sec Times.
- Also worth noting there has been particularly strong underlying volume over
the 4 previous sessions, and relative outperformance in China yesterday (despite
broader regional pressure stemming from Coronavirus spread) after the massive
gap closing seen post-LNY. We noted after hours Monday: "turnover of Chinese
stock markets exceeded CNY1tn for the 4th consecutive trading day on Monday. Nov
2015 was the last time when such heated trading was recorded" (per state media).