The Shanghai composite is down for the fifth day. Even though the trading day is not over, it is the longest losing streak this year. It is currently down 0.6% and a close beneath 3113 will confirm the 5th day of loses. The sell off comes on the back of government measures to curb property prices and concerns that companies will boost share sales. Support is seen at 3080, under that and we target levels back below 3000.
May have an effect on FX markets, especially if we break lower towards year end.