ABC

• “ABC” Anything But China trade reversed big past 3 months (China H shares best performing global stock market.

CHINA POSITIONING

• Active global mutual fund mandates remain underweight Chinese equities.

CHINA INFLOW

• China: biggest inflow in 8 weeks.

HSI

• HSI short term over –bought with upsideresistanceat18,844, 19,075.
• The mid-termupside potential to a measured move at 20,000.

JPY

• History of BOJ interventions, welltimedinflectionpoints.

(source:Bloomberg)

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