Reporting on key macro data at the time of release.
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CHINA STOCKS: There are some minor signs of life in Chinese stocks this morning,
which are off their opening levels despite an initial move lower. The CSI 300
currently trades at 3,439, with a break above 3,460 needed to suggest upside
follow through. The Hang Seng is also off its lows, trading at 28,380, up 0.1%
on the day. The Shenzhen Composite is also up 0.15%. Given the oversold nature
of Chinese stocks, the increasingly attractive dividend picture (esp. in the
H-Shares), loosening monetary policy, and widespread bearishness, there is
potential for outperformance, particularly vs the US markets which are showing
signs of technical weakness.