When Markets De-Risk, But Not Decouple (from China)
Market Depth
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The Japan Sell Off and the China Reopen Data
Japan has completely shrugged off the worst month of post China reopen data day after day after day by just rallying to 33 year highs. And almost happening solely based on foreign inflows into Japan equities right and mostly US based investors amongst those foreign inflows. So therefore, yet another crummy macro data reading from China, you know, showing more of the same is almost arbitrary among the slew of China data to selectively and collectively react to. But with that said, here's one reason that may explain what else is currently underway specifically in equity markets that we are completely overlooking. What we likely have on our hands is portfolio rebalancing activities related to month end on this last day of May.
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