Investment Daily Note

Market Highlights

There is selling rout around global markets, with VIX Index, a gauge reflecting level of market panic, surged to four-year high. Fed funds futures prices imply that FOMC may defer the first rate hike to March next year, but that should only have minimal effect in soothing short-term market turmoil.

The National Development and Reform Commission said in a statement on its website yesterday that China had taken effective action to stabilize the economy earlier in the year, and it could keep growth in a reasonable range. At the same time, the market is concerned about any open market operation to be conducted today and its strength.