Wealth Bulletin

A more cautious sentiment set in for risk assets last week over Trump’s impact after the prior week’s rally, and our sense is the ‘hope’ trade is based more on simply hope and short-covering than substance and we can see a pull-back in risk assets and greater stability in UST yields.

The PRC’s greater-than-expected decline in its FX reserves and the CNY move through 6.82 key support has raised fears, again, over CNY devaluation risks.