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.
Source: xStation5
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