Investment Daily Note

Market Highlights

Retail Sales in the U.S. increased by 0.2% month-on-month during August, lower than the upwardly revised 0.7% growth pace in July. Industrial production dropped 0.4% month-on-month, lower than market expectation for a 0.2% dip. U.S. equities rebounded last night but turnover did not match. Federal Open Market Committee (FOMC) will start its 2-day policy meeting tonight, we expect Hong Kong equities to continue consolidating.

Chinese President Xi Jinping chaired a central government meeting over deepening reform, which proposed a "negative list" for market entry, relaxing market entry. However, market reaction to such policies has been tepid so far.