Chinese equities took a hit during today's session, following another set of weak economic data. Industrial production and retail sales figures disappointed, which raised further concerns over a global economic slowdown. Meanwhile, the People's Bank of China (PBoC) unexpectedly cut a key policy interest rate for the first time since January to revive credit demand to support the COVID-hit economy. From technical point of view, upward correction was halted around 7190 pts and the index resumed slide and broke below the upward trendline. Index has later reached a short-term support in the 6,650 pts area. Should break lower occur, downward move towards the lower limit of the wedge formation (currently in the 6,000 pts area) may come next.
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