The good news is that Chinese exports and imports both rose last month by 4.7% and 15.6%, respectively, on a m/m basis and using seasonally adjusted data. The bad news is that imports are still down 6.1% y/y, while exports are up only 2.8% y/y. The former suggests that China’s domestic economy remains weak. The latter, which has been in a flat and volatile range since early 2013, suggests that global economic growth remains subpar.
Today's Morning Briefing: Playing the Averages. (1) Bearish technical signals have been buying opportunities in this bull market. (2) Central planners and central bankers intervening in financial markets. (3) Chinese officials buying ETFs, just as Japanese officials have been doing for a while. (4) Draghi still buying bonds, while Yellen magically boosts stocks. (5) “Agreekment” more likely than “Grexit” until further notice. (6) S&P 500 sectors mostly showing rising 200-dmas. (7) Forward earnings still driving sector performances. (8) China’s trade data show weak domestic economy and subdued global economy. (More for subscribers.)
Today's Morning Briefing: Playing the Averages. (1) Bearish technical signals have been buying opportunities in this bull market. (2) Central planners and central bankers intervening in financial markets. (3) Chinese officials buying ETFs, just as Japanese officials have been doing for a while. (4) Draghi still buying bonds, while Yellen magically boosts stocks. (5) “Agreekment” more likely than “Grexit” until further notice. (6) S&P 500 sectors mostly showing rising 200-dmas. (7) Forward earnings still driving sector performances. (8) China’s trade data show weak domestic economy and subdued global economy. (More for subscribers.)
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