A-share rollercoaster amid muddled policy signaling; Signs of life in real estate; President Lai's National Day speech; Zheng Yongnian on World War III

Summary of today’s top items:

1. Punters await stronger policy signals - The PRC markets dumped Wednesday, though the announcement of a press conference Saturday with the Minister of Finance, to discuss "strengthening the counter-cyclical adjustment of fiscal policy and promoting high-quality economic development” raised hopes again of a larger stimulus.

However, holding it on a Saturday, when the market is closed, is an interesting move. Perhaps the State Council and MoF are worried about an NDRC-like stinker of a presser that disappoints, and so do not want to have to take any responsibility for crashing the market while it is open, or perhaps senior officials have realized that holding these pressers that are the focus of so much expectation while the markets are open is a bad idea?

There was a report that the Sichuan Provincial Government held an expanded meeting that mentioned planning for upcoming larger-scale ultra-long-term special government bonds and the early allocation of ne…