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Nomura’s McElligott Weighs In On China PMIs, Warns Don’t Buy Into ‘Ridiculous’ Story About ‘Hedge Funds Shortest VIX Ever’
Count Nomura's Charlie McElligott in the camp who thinks the latest PMI data out of China is evidence that the recent rebound in the world's second-largest economy probably isn't sustainable.
On Tuesday, both the official and Caixin manufacturing prints missed for April, and the non-manufacturing and composite numbers fell short of estimates as well. To be sure, the data wasn't terrible, but it does suggest that some of the blockbuster-type beats we've seen out of Beijing over the past month mi
Two points:
The Chinese do not have to dump treasuries. They can merely boycott the increasingly huge UST auctions. How will Trump respond? MMT, here we come!
Rare earth materials. I keep reading that supply will appear elsewhere. Uh, have any of the geniuses pushing that narrative ever examined how long it takes to bring a mine on line? Especially for very toxic minerals. Then there’s the needed refineries. We are not talking weeks or months. Look back at 2011 for a primer. Those commentators should be embarrassed.