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Market review: September 2, 2016

Fang submitted 2016-09-02 18:10:25

Market review:

China stocks stayed firm before the weekend, with SHA climbed about 0.13%.The US PMI overnight missed the expectation by a fat margin and damped some expectation for Sep rate hike.


Research Notes:

In equity market, money flowed into Finance, Insurance and Public Service sectors the most.Inner Mongolia Junzheng Group(601216.sh), a petrochemical producer, rallied to limit-up as rumors of Ant Finance Service Co. may use Junzheng as a vehicle for IPO circulated in the market.


The disappointed ISM PMI number shot down DXY from 96 level but the weakening of the dollar failed to support CNYUSD, as the expectation for more PBOC easing is also strong.In commodity market, coal, coke and glass led the rally to level near limit-up, as the seasonal strong demand of coal and other construction material faced serious supply cut from both Gov orders and G20 meeting demand.The market ‘s in stagnation these days and we thought to bet on the wording of Fed is risky, so we maintained our recommendation to cut some risk exposure with SHA in 3050-3100 region, for those insist to hold some positions, shares in new energy and environment protection could be the recent safer bets.


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