Nomura’s McElligott Weighs In On China, Stocks And Reflation Skepticism

Predictably, markets start the new week torn between "wanting" to extend the YTD risk surge on the back of the dovish Fed pivot and "recognizing" ongoing signs of economic malaise, courtesy on Monday of China's December trade data which was obviously a disaster. Adding to consternation were Citi's grievous FICC results, which betrayed a 21% swan dive in FI trading revenue in Q4, suggesting that while volatility might have been a boon for some bank results early in 2018, last quarter might have