China's Reopened

The low-solampian new home sales is directly having an impact on the demand for construction materials and related industrial activities. On external front, Korea's customer released the first 20 days of trade data today. And we see Korea's imports from China down 13%, which is little improved from 15% contraction in May. So you can see the weakness coming from the exports as well. Finally, the PMI for the emerging industry was released yesterday. It came in a 50.7 in June unchanged from May. Those numbers are absolutely awful. The playbook for Western economies was that everything would inflate and the activity picks up a very, very different story in China.