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Sentiment Improves Modestly Following Equity Stabilization Headlines

CHINA

Headlines have crossed from BBG that the China authorities are considering a new state backed stabilization fund to aid the local stock market (see this link).

  • According to the report, it hasn't been approved yet but the Securities Regulatory has sent it to the country's top leadership and could involve hundreds of billions of yuan. This move follows recent buying of local bank shares by the country's sovereign wealth fund.
  • It comes against a backdrop of generally weak equity trends, with the CSI 300 not too far off recent YTD lows.
  • The initial market response has been positive but not dramatic. The CSI 300 was last down 0.7%, versus the earlier 1.1% dip. The HSI equity index in Hong Kong is above session lows, but still off 1.4% for the session.
  • In the FX space, USD/CNH is drifting lower, last under 7.3040. Earlier highs were near 7.3140. AUD/USD is close to session highs around 0.6330, +0.25% above NY closing levels.
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