Equities are heavy across the region following the softness on Wall Street on Tuesday.
Chinese shares in particular are under the hammer.
We had a press conference today from the State Planner, the National Development and Reform Commission (NDRC), People’s Bank of China and Ministry of Finance (MOFCOM).
The NDRC announced plans to broaden the scope of home appliance trade-ins that qualify for subsidies. This failed to provide support for equities. Couple that with remarks from China’s MOFCOM expressing criticism over the latest U.S. restrictions on Chinese companies and the result is a very soft Shanghai Composite and other indexes.