OK, lets get this out of the way and get on with the session.

We all know that the focus today is going to be China (again).

The PBOC's yuan fixing is due in the minute or so following 0115GMT. This event has receded in importance since the devaluing of the yuan has been put on ice by the central bank, so it isn't the focus.

Chinese stocks open for trade at 0130GMT .... and THIS is where market attention will be focused.

Yesterday I highlighted a tweet from the official Chinese media organization Xinhua. It was WRONG, WRONG, WRONG... so wrong. It said:

  • Black Monday! #ChinaStocks join global panic selloff, dive 8.5%, worst since Asian financial crisis at midday

No

NO

No ....

Just no.

China did not JOIN the sell off, it initiated it ... the moves in China were the catalysts last week and have continued. THATS why the opening, and trade, on Chinese market s is going to be THE focus today.

Like I said, Chinese stocks open at 0130GMT.

I'll have the opening indications for prices at around 0126GMT (for example, yesterday's here: China stockmarket opening indications - Shanghai Comp to open down 3.8%)

Stockmarkets will trade until 0330GMT. They'll reopen after the lunch break at 0500GMT and then close for the day at 0700GMT

Set your alarms.

Direction? Hard to see it other than being lower .... but there'll be plenty looking for a bounce. Maybe. Maybe not. I don't have a crystal ball.

There'll be plenty looking for action from the Chinese authorities, some sort of support measure or measures. We'll see (Also, I don't have an inside line to the Chinese Politburo, sry. From what I see on twitter, though, there are plenty who do .... in yer dreams).

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Oh yeah ... due from Australia and New Zealand today (I know, I know ... no one cares .... :-D ):

  • 2330GMT - Australia - Weekly consumer sentiment from ANZ, prior was 113.2
  • 0000GMT - Australia - Conference Board Leading Index (June) ... prior was +0.2%
  • 0300GMT - New Zealand - 2 yr inflation expectations for Q3, prior was 1.85%