EM ASIA CREDIT: Burgan Bank: New USD deal

• RES 4: 5568.00 High Mar 6
• RES 3: 5526.00 High Mar 19 / 20 (cont) 
• RES 2: 5445.00/5522.00 High Aug 26 / 22
• RES 1: 5377.49 20-day EMA 
• PRICE: 5353.00 @ 06:19 BST Sep 9
• SUP 1: 5292.00 Low Sep 2 
• SUP 2: 5280.00 Low Aug 7  
• SUP 3: 5250.02 76.4% retracement of the Aug 1 - 22 rally  
• SUP 4: 5166.00 Low Aug 1 and key support  

A corrective bear cycle in Eurostoxx 50 futures remains in play. Recent weakness resulted in a breach of 5368.87, the 50-day EMA. The clear break of this average strengthens a short-term bearish threat and signals scope for a deeper retracement towards 5166.00, the Aug 1 low and a key support. On the upside, initial resistance to watch is 5377.49, the 20-day EMA. A clear break of it would be a bullish development.

• RES 4: 107.360 High Jul 22 and 23 (cont)  
• RES 3: 107.240 High Aug 4  
• RES 2: 107.225 High Aug 27 and the bull trigger
• RES 1: 107.190 High Sep 5 and 8 
• PRICE: 107.160 @ 06:10 BST Sep 9
• SUP 1: 107.050 Low Aug 25 and Sep 2 and a bear trigger  
• SUP 2: 107.000 Round number support  
• SUP 3: 106.983 138.2% retracement proj of the Aug 25 - 27 rally 
• SUP 4: 106.963 150.0% retracement proj of the Aug 25 - 27 rally

The trend structure in Schatz futures remains bearish and - for now - recent short-term gains still appear corrective. Attention is on the next important support at 107.050, the Aug 25 and Sep 2 low. A break of this level would confirm a resumption of the downtrend and open the 107.00 handle. Key short-term resistance to watch is 107.225, the Aug 27 high. Clearance of this hurdle would highlight a stronger bullish theme and signal a stronger reversal.

Market Summary: China's major onshore bourses were all lower today with the CSI 300 down -0.46%, Shanghai Comp -0.29% and Shenzhen down -0.80% whilst the Hang Seng in Hong Kong went the other way, up +0.80%.  The Yuan Reference Rate at 7.1008 Per USD; Estimate 7.1249 and bond yields are steady , with the 10-Yr at 1.78% 

• President Xi has told BRICs nations to defend the multilateral trading system and advance greater BRICs cooperation in a virtual BRICS Summit from Beijing on Monday (source China Daily)
• Yicai's Chief Economist survey for September shows a growing confidence in the economic outlook. (source Yicai)