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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CHINA
- In the past 9 months, we have seen that the significant deceleration in Chinese economic activity, the sharp contraction in liquidity and the government crackdown on a range of industries (education, housing, tech, gambling) have been weighing on domestic risky assets, especially equities.
- Since their peak reached in February 2021, Chinese equities have been constantly reaching lower highs (and lower lows); the Hang Seng Index is now down 25% over that period.
- As the discovery of the new variant ‘Omicron’ is likely to result in further downward revision in growth expectations, equities still remain vulnerable in the short term despite the sharp consolidation we have seen this year.
- HSI index found support slightly below the 23,506 level on Tuesday, which corresponds to the 76.4% Fibo retracement of the 21,139.30 – 31,168.30 range.
- Next support to watch on the downside stands at 22,800 (low of the LT downward trending channel), followed by 22,000.
- Key support stands at 21,139.30, which was the low reached during the March 2020 panic.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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