Daily Report 300914 2014-09-30
Macro Economy
Yesterday U.S. stock market closed at a low price. The S&P 500 has a reaction after nearly two months most dramatic slump, but it only last for one day. Hong Kong protest increased the concern of geopolitical, and the speculation in the rebound of consumer spending might accelerate Fed’s step on increasing interest rates. Data indicates that U.S consumer spending rose 0.5% in August; second-hand housing contract fell 1% than last month, but in July it increased 3.2%, mutually the year-on-year slump is deepen. It means the U.S. real estate market’s recovery is not yet stable.
Domestic reform measures continue to roll out. Yesterday President Xi called for central comprehensively deepen reform leading group meetings. It suggests that the government will deepen the reform of the rural land system, promote the separating of consulting contract and management rights. The target is to separate the ownership, contract right and the management rights, in order to build up the operation flow pattern. On the same day prime minister Li keqiang chaired a state council executive meeting, determined the policies and measures of strengthening the import, promote expand opening to the outside world, said "if there is no reasonable growth in imports, it will be difficult to maintain export growth". Previous data suggest that in recent months, while maintaining a certain growth in China's export import is declining, and trade surplus has increased. This decision is expected to ease upon this trend has certain help. Today will be released on September HSBC China PMI index value, value and the expectations are 50.5, need to focus on.
During this week and the next comes is China's National Day holiday, there will be a lot of important data and information disclosed, including: on October 1st, China, America and the Euro zone's manufacturing PMI index, the European Central Bank meeting on October 2nd, China, America and the Euro zone on October 3rd non-manufacturing PMI, October 3rd U.S. non-farm payrolls and the unemployment rate.

                                                                                                                    Dong LV (Investment Certificate NO. TZ008452)