Its been an eventful morning in Asian equity trade.
Xinhua reported earlier that Chinese fund manager Xu Xiang was arrested for alleged insider trading involvement & stock price manipulation. Reports earlier of selling in the companies owned by his fund were cited for falls in Chinese equities (Bloomberg has more), along with the PMIs out over the weekend.
But, it doesn't stop there. There were also reports he had been shot and killed while resisting arrest and trying to escape ... reports that have since been withdrawn. Someone's been watching too many movies.
Shanghai Composite has rebounded from its earlier losses, currently -0.2% at the break
Its covered its gap opening and looks tempting as a short now. If you do, though, and you get arrested, please don't resist and attempt escape; we'd hate to be reading about you on the internet.
Nikkei -1.78%
HK -0.43%
ASX -1.39%
