Market review:
China stocks fell before GDP data release on Friday.
Research Notes:
SHA declined about 0.22% with money outflowed from Electronics, Non-ferrous Mining and Entertainment sectors the most. Hainan Automobile Co.(603069.sh), rallied to limit-up as investors chasing this newly-listed stock as it’s the top travelling service provider of Hainan Province.
CNYUSD consolidated around 6.68 for another day with overnight speech of Fed governors hinted further delay of rate hike. The need of risk aversion declined also damped the bull trend of both gold and DXY with UK had been stabilized with a new prime minister. In commodity market, soybean meal once again led the rally with rapeseed meal, supported by CME soybean complex rebounded with the come back of hot and dry weather, which could mostly an issue of short term. We though hold our target of SHA 3100 for the short to mid term, investors should stay cautious on the possible volatility surge from GDP data release of Friday.
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