Market Recap: Asia EM experienced a risk-off triggered by Apple revising down its quarterly earning for the 1st time in a long while, blaming a slowed down Chinese economy. The risk-off went beyond apple supply chain stocks, putting pressure on FX, rates, and high beta stocks.
Data Updates: AAPL earning is just another data source confirming the same thing: a slowdown in Chinese economy. Monetary easing is not enough a solution as suggested today (financial sector barely popped on targeted RR cut). To clear or improve the weak sentiment, market would be looking for something impactful (trade-negotiation updates this weekend could be one).
Market View: Today’s risk-off is curtained by major index slow grinding along. As suggested from previous posts: AHP, volatility, and RSI, could all point to a quick rebound if another 2-3% index drop.
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