Excavator sales grew 54% yoy in January despite CNY distortion Listed brokers' NP down 22% MoM in Jan 2017 Daily prices and news: Chinese steel output falls to 5-month low in January Worried about rates impact on EM sovereign credit? Look at EM corporates Hold: Still waiting for new product approvals DB Today - Global/Macro Buy: Robust outlook; FCF grew 13% yoy in 9M’17 Basic chemical demand trends: A strong start to the year Reduce: Weak quarter, outlook unexciting Curb Shadow Credit: Regulators Said to Check Brokers’ AMP