China Market Update: Lack Of Rate Cut Leads Markets Lower [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Forbes
None of the eleven economists who submitted estimates for January's 1 & 5-Year Loan Prime Rate (LPR) anticipated a rate cut especially after the intra-bank Medium-term Lending Facility (MLF) rate was not cut last weekend. After the dismal December real estate sales, there may have been hopes for a cut, though that did not occur. Hong Kong and Mainland China had another poor day, which was marked by weak breadth (advancers versus decliners). The market is in a negative feedback loop as investors stay on the sidelines, as the market falls and hits the liquidation levels of Mainland China's “snowballs” and Hong Kong's Callable Bull/Bear Contracts (CBBCs). However, the contracts are far from the sole culprit in the markets' malaise as the lack of significant policy has underwhelmed investors. US equity outperformance continues to create a positive feedback loop, pulling in more domestic and foreign investors' cash, only exacerbating the most crowded trade globally. Reports that Con
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