b on stock investments in O4. HK followed the move lower in China, but fared a bit better as moves in autos (+1.7%), airlines (+80bps) and brokers (+75bps) helped to stem declines. Dalian Wanda IPO was in focus, breaking below the offer price of HK$48 to close at HK$46.80 (-2.5%). Steel makers (-2.4%)

nt dissipates; less in EM (6%) as relative growth slows further and higher US rates and dollar pressures spreads. IIWe look for higher lOy yields (+75bps) as markets gradually move toward pricing in Fed's path of rate normalization. A higher terminal rate and risk premium could mean additional pressu