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VCSC Daily - Bears pounce on macro indicators

Our view: Though we had expected further weakness, the selling pressure appears to be snowballing on macro indicators making the headlines on Tuesday. The country’s July CPI came in negative at 0.29% mom and has now slowed to 5.35% yoy from a peak of 23% yoy just 11 months ago. Reuters also ran an article quoting a state-run newspaper as saying that early trade balance numbers show the trade deficit for seven months will fall to just USD58 million from USD158 million.