property, utilities, macau, defensive, airline are strong:

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US: mix, market turn defensive, oil commodities rebound ; vehicle sales continue declining :

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A shares rebound on xion concept:

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Market breadth: US decline, HK and A markets rebound:

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Q1 Sector:

+ve alerts on material, oil, container, dry bulk. PRC property sales +20% to 200%, average about 70%. Vehicle sales slow down except luxury brands, market switching to 4s sector. Retail data rebound in China since Q4 but still not good in other area. Infrastructure performing well with order increasing. Gaming continue rebound as prc property wealth effect continue. Drugs positive as expectation of policy hurt near the end. Local property price making new high. In general a bullish fundamental with north water keep flowing in.

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