For Chinese Markets, Plunging Liquor No Match For RRR Cut, Trade Optimism

You know the macro backdrop must be favorable when Chinese equities manage to surge nearly 1.5% even as heavyweight Kweichow Moutai logs one of its worst days in a year. Moutai - purveyor of sorghum liquor and the world's most profitable distiller - said top and bottom line growth will be around 15% in 2019 and unveiled a revenue growth target of 10% for 2020. None of that is particularly encouraging. Net income of 40.5 billion yuan on 88.5 billion yuan in revenue for 2019 are well short of the