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Daily Insights 

July 28, 2015

Wide swings in Chinese equities

  • After experiencing wide swings in the Asian morning session (from -5% to +1%), the Shanghai Composite closed c.1.7% lower. This follows the sharp 8.5% drop in the index yesterday, which was partly driven by weaker-than-expected industrial profits (-0.3% y/y in June versus 0.6% y/y in May) and unexpectedly low manufacturing confidence. With Chinese stocks stabilising, the European stocks are also recovering this morning with the Eurostoxx index up c.1.0%. The rates market is also selling off slightly with both 10y Bunds and Treasury yields up by c.2bp.
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