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Market review: September 5, 2016

Fang submitted 2016-09-05 18:03:36

Market review:

China stocks climbed with G20 meeting started and Caixin Servive PMI beat.


Research Notes:

SHA rose 0.15% with money flowed into Non-Ferrous Metal, Coal Mining and Steel Making sectors the most.Beijing Shougang Co.(00959.sz), a major steel maker in Hebei Province, rallied to limit-up, for investors believed it would benefit from the SOE reform plan to be released in Oct, and hinted by President Xi in G20 meeting.

Job data from last Friday of US looks weak and damped the expectation for immediate rate hike in September. And it also suppressed DXY, yet CNYUSD still stayed in the relatively weak region as investors also expected more easing form PBOC. In commodity market, coal, coke and pal oil led the rally to level near limit-up, while corn and oil seed meals remained weak, with downward pressure from CME. We witnessed money chasing Sport, Metal Mining and Environment Protection in recent weeks, and this trend could continue into October we believed. Hence investor can cut exposure to other sectors and rotate into such reform-benefit sectors, and keep in mind that SHA 3100 still could be a major pressure and taking profit could be logical before the September FOMC.


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