When Markets De-Risk, But Not Decouple (from China)
Market Depth
China PMI Is Disappointed to the Downside, but Is a Market Surprise?
Almost every single China macro data release over the past month has come in below expectations. So it's not like this was, you know, a huge miss right, but so this piece of data is now causing broad based cross assets sell offs within global markets X China. And so given that this manufacturing PMI just so happens to be this next China data miss following the debt ceiling issue now off the table. Then yes, maybe there are a ton of you know blindsided investors who just got their attention call to reopen that never happened in China and are reacting in markets as we speak.
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