China: One-Minute Plunge Sends Chinese Stock Futures Down by 10% Limit (BBG)

O destaque da noite ficou para a pontual queda de 10% da bolsa na China, que atingiu seu limite de baixa pela manhã, para logo depois apresentar rápida e acentuada recuperação. A dinâmica da bolsa local mostra a imaturidade e a fragilidade dos ativos de risco do país que, na minha visão, continua sendo o principal risco para a economia global e os mercados financeiros mundiais. De um artigo na Bloomberg:

 

Chinese stock-index futures plunged by the daily limit before snapping back in less than a minute, the second sudden swing to rattle traders this month. Contracts on the CSI 300 Index dropped as much as 10 percent at 10:42 a.m. local time, recovering almost all of the losses in the same minute. More than 1,500 June contracts changed hands in that period, the most all day, according to data compiled by Bloomberg.The China Financial Futures Exchange is investigating the tumble, said people familiar with the matter, who asked not to be named because they aren’t authorized to speak publicly. The unexplained slump follows a similar drop in Hang Seng China Enterprises Index futures in Hong Kong on May 16, a move that heightened anxiety among investors facing slower Chinese economic growth and a weakening yuan.Volume in China’s stock-index futures market, which was the world’s most active as recently as July, has all but dried up after authorities clamped down on speculative trading during the nation’s $5 trillion equity crash last summer. Tuesday’s volatility had little impact on the underlying CSI 300, which rose 3.4 percent. “Liquidity in the market is really thin at the moment,” Fang Shisheng, Shanghai-based vice general manager at Orient Securities Futures Co., said by phone. “So the market will very likely see big swings if a big order comes in.”Fang said the sell order that triggered the plunge likely came from a hedging account, a type that’s exempt from limits on opening more than 10 contracts in a day, according to CFFEX rules announced in September. That designation is given to investors who use futures to offset risks from their holdings in the stock market. June contracts changing hands during the tumble were valued at 1.43 billion yuan ($218 million), based on Tuesday’s settlement price, data compiled by Bloomberg show.

 No Brasil, o Ministro da Transparência pediu demissão, em um processo que foi bastante parecido com aquele adotado por Temer em relação a Romero Jucá. Assim, Temer já vai colocando uma marca em seu governo, deixando claro como pretende administrar o país e as crises que eventualmente venham a surgir no cenário.

 

 Alguns artigos nos jornais de hoje comentam sobre um certo ceticismo dos investidores em relação ao potencial de implementação dos ajustes que estão sendo sinalizados pelo governo interino. Eu ainda acho cedo para uma conclusão final sobre o tema. As intenções são boas, a equipe é competente, mas agora faltará articulação política para a implementação. Ainda tenho o viés positivo nesta frente. A semana será importante já que a votação da DRU estará na pauta do congresso e poderá ser um importante teste para o governo.