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Daily Scan: Asia ex-China shares fall; Europe lower ahead of ECB decision

By NexChange
Capital Markets

Updated throughout the day

October 22

Good afternoon everyone. Asian shares finished the session lower Thursday, save for China, where stimulus bets led the Shanghai Composite up 1.45%. The Shenzhen Composite meanwhile – buoyed by tech shares – climbed 3.71%. Here’s how the rest did:

Hang Seng Index: -0.63%
Hang Seng China Enterprises Index: -0.46%
Nikkei 225: -0.64%
Straits Times Index: +0.44%
Kospi: -0.98%

Over in Europe, equities seem to be trending lower ahead of the ECB’s rate decision. The FTSE 100 is currently down 0.25%, the DAX – which climbed as much as 0.28% earlier – is currently up just 0.14%, while the CAC has slipped 0.13% so far.

Here’s what else you need to know:

Don't panic, says China, as outflows spike.  Recent outflows of money from China are “normal” and not a sign of panic capital flight, a senior official at the foreign exchange regulator said on Thursday, downplaying fears over growing outflows as the economy slows. SCMP

U.K. retail sales beat estimates. U.K. retail sales rose sharply in September, punching in at 6.5% year on year versus a forecasted 4.7% climb. Month on month figures were also great, showing a 1.9% jump versus an expected 0.3% bounce. Interestingly, alcohol drove some of the gains. FXStreet

South Korea rapper PSY in row with artist tenants.  PSY is fighting a legal battle with artist tenants who are reluctant to leave a building he owns in Seoul. The property dispute has struck a nerve in a country notorious for super-high rents that critics say are killing vibrancy in cities by spurring gentrification and evictions. SCMP

China agrees $9.2 billion deal for U.K. nuclear power plant. The deal came in the wake of Chinese President Xi Jinping to Great Britain.  China General Nuclear Power Corporation (CGN) has entered into a deal with French state-owned energy firm EDF to acquire a one third stake in its Hinkley Point nuclear power plant in Somerset. The Telegraph

Legoland heads to China. Merlin Entertainments has signed an agreement with China Media Capital to establish a Legoland park in Shanghai. It is part of a deal between the two to explore opportunities to build visitor attractions throughout China. BBC 

Singapore church leader pulled off $35 million fraud to support wife's failed singing career. The founder of a popular Singapore church, Kong Hee, has been found guilty of misappropriating more than $35.5 million in donations to support his wife's singing career, in a rare case of graft in the city-state. Aljazeera

CIT chief John Thain to retire. John Thain, best known for leading Merrill Lynch during the financial crisis, will retire from CIT on March 31. He will remain onboard the lender as its chairman. CIT board member Ellen R. Alemany, will replace him as CEO.

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