European Open: China still the main driver

Asian equities opened the week in the red before gradually shaking off the negative vibes. We are seeing some sort of retracement now which is still to be seen as a lull in proceedings and not a rotation. Also, with Crude still pressing multi-year lows, it’s tough for risk appetite to stabilize.
Confusion regarding China’s FX policy contributed to the market turmoil last week. Focus today and throughout the week will continue to be on China and any announcements on monetary or economic policy.  Over the weekend, CPI data out of China was in line with expectations.
The only other highlight today is Fed’s Lockhart and Kaplan (both non-voters) speaking after the London close.
No change to the weekly game plan

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