The fact that Chinese State property developers are also in big troubles complicates the issue for the China real estate
Mainly, as it reduces their ability to support the sector by taking over incomplete projects by private sector. Source: Bloomberg
PepsiCo testing major trend support
PepsiCo (PEP US) is testing a major support zone. February 2021 uptrend has been tested 5 times successfully. Will it be able to hold once again ? Keep an eye at zone 176-178. Source : Bloomberg
Idexx Laboratories back on breakout levels
Idexx Laboratories (IDXX US) is testing July breakout level after a 14% consolidation since the highs. Source : Bloomberg
Zurich Insurance triangle pattern
Zurich Insurance (ZURN SW) is reaching the lower end of the triangle pattern. This continuation pattern is forming since more than 70 weeks ! Will it rebound once again ? Source : Bloomberg
Roche is breaking support 256
Roche (ROG SW) is breaking support 256 on strong volume. Next support levels are 246/233/228. Source : Bloomberg
Options specialists seem to indicate that $SPX 4350 is the new put wall to watch
Markets & Mayhem shows that we are deep in negative gamma territory, with dealers estimated to be short about $58.41B of gamma exposure This often leads to an increase in volatility as it is more likely that dips are sold and rips are bought.
The PBoC is putting more measures in place to slow the depreciation trend in the yuan
Overnight, the Chinese central bank set its yuan fixing at 7.2006 per dollar compared to the average estimate of 7.3047. The gap - an unprecedented 1,041 pips - was the largest gap to estimates since the poll was initiated in 2018. Source: Bloomberg, zerohedge
China’s heavily indebted property developer Evergrande group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court
In a filing to the Manhattan bankruptcy court, the firm sought recognition of restructuring talks under way in Hong Kong, the Cayman Islands and the British Virgin Islands. The world’s most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March. Trading of Evergrande shares have been suspended since March 2022. The Chapter 15 bankruptcy protection allows a U.S. bankruptcy court to intervene in cross-border insolvency case involving foreign companies that are undergoing restructuring from creditors. It aims to protect the debtors’ assets and facilitate the rescue of businesses that are in financial trouble. Tianji Holdings, an affiliate of Evergrande, and its subsidiary Scenery Journey, also filed for Chapter 15 protection in a Manhattan bankruptcy court, according to the filing. Source: CNBC, FluentInFinance
