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Key News
Asian equities were a sea of red as the US 10 Year Treasury rose above 5% overnight though is coming off that level this morning. Hong Kong and Thailand were closed with a full description of the holidays below.
Mainland China sold off with no specific negative catalyst other than last week’s stronger-than-expected September and Q3 economic data. The upbeat release may lower the probability of a “policy bazooka” in the form of massive stimulus being unleashed. Mainland markets have pierced my “lines in the sand” (Shanghai Composite at 3,100 and Shenzhen Composite at 1,900) like a hot knife. Shanghai closed at 2,939 today while Shenzhen closed at 1,776. The Shanghai Composite’s dividend yield is now 3.3% versus the 10-year China Government Bond yield of 2.7%. Breadth was awful overnight with only 440 advancing stocks versus 4,519 decliners.
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