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‘The Worst Is Over’: What Wall Street Thinks Of China’s Key Data Deluge
If you were wondering what Wall Street thinks of China's blockbuster activity data released to much fanfare on Wednesday, the answer, generally speaking, is that it "confirms" an inflection.
You may quibble with that, but recently, we've witnessed beats on both the official and Caixin PMIs, better-than-expected export growth (despite lackluster imports), blowout credit growth numbers and now beats on GDP, retail sales and IP.
Fudged data or no and lingering holiday distortions aside, at a cert
The worst is over… remember how credit cycles end without deleveraging and how stock market crashes recover in a month? Do I suspect the crew of the Titanic heard the impact of the iceberg and then said “whew, at least the worst if over now that the noise has stopped, we may have hit an iceberg but the ship is totally fine at least, good thing it’s unsinkable, back to work.” This time it’s different, the ship IS unsinkable… No… this time may be different but it isn’t that kind of different.