Can ABS market this week be out of weakness?

Premier Li: We will take multiple measures to boost the industrial economy.

Fundamental pressure is not reduced, Can ABS market this week be out of weakness?

Last week, domestic ABS market prices continued to decline, the overall decline in 200-500 yuan/ton,
limited terminal demand, petrochemical plants shipping difficulties. In China, small and medium-sized
enterprises, which are the majority in the middle and downstream industries, are under great pressure
from production and operation. The government has stressed ensuring the supply and price of electricity
and coal and taking strong measures to boost the industrial economy.
International Situation:
1. Job growth accelerated in the US, with employers adding more jobs than expected in October
2. Preliminary GDP growth of 2% in the third quarter; The Eure Zone's first estimate of THIRD-quarter GDP was 3.7%
3. Eurozone PMI data and Fed FOMC meeting resolution
The final purchasing managers' index of the eurozone manufacturing sector in October was 58.3%, continuing to contract.
ADP payrolls were 571,000 in October, well ahead of market expectations. The Fed's meeting decided to begin tapering in
November at a rate of $15 billion a month and end in mid-2022. It also left its benchmark interest rate unchanged at 0-0.25%.

On the economy and inflation, the Fed said the advance in vaccinations and the easing of supply constraints are expected to
support continued growth in economic activity and employment; The factors driving up inflation are temporary, with the imbalance between supply and demand leading to higher prices in some sectors. Mr Powell said now was not the time to raise interest rates and tapering would have no direct signalling significance. The economy is expected to grow strongly this year and higher inflation is expected to persist.