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Market review:
China stocks generally stayed unmoved with SHA declined about 0.01%.What Fed Chair Yellen said in Jackson Hole meeting ‘d been interpreted hawkish and risky assets mostly fell after the event.
Research Notes:
In China equity market, money outflew from Petrochemical, Aviation and Food & Beverage the most. Shandong Baomo Biochemical Co., an oilfield environment protection service provider, rallied to limit-up as it’s been acquired by another firm with a much higher price than the current stock price.
DXY climbed toward 95.7 as Yellen signaled possibility of rate hike this year. CNYUSD slumped to 6.68, a new low since July 26th.In commodity market, coal, corn and zinc led the rally, as investors still bet on the supply-side cut of several industries. Iron ore, plastics and rebar fell the most with fear of real estate curb of gov side. As China would release PMI of August on Thursday, investors probably will stay cautious in the 1st half of the week. But as we expected the economy would pick up in August and the trend could last into Q3, any dip of SHA to 3000 level would present some buying opportunity for shares in environment protection, water treatment and biomedicine sectors, which we considered as picks of Q3, at least in 1~2 week time frame.
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