Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Teetering and headline-making</li>
<li>Xi keeps eyes on party prize</li>
<li>Last call for coal? Xi won’t dig more overseas </li>
<li>US steps to counter China</li>
<li>Hong Kong feels the squeeze</li>
</ul><div class="content-remarks"><ul style="list-style-type: none;"><li><div>In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</div></li></ul></div>

China News That Matters
Teetering and headline-making
Xi keeps eyes on party prize
Last call for coal? Xi won’t dig more overseas 
US steps to counter China
Hong Kong feels the squeeze
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

New data out this week from China Automotive Technology and Research Center (CATARC) revealed Tesla's monthly sales in China plummeting in August for both Model 3 and Model Y.The results are dramatically different worse versus what had been reported previously by China Passenger Car Association (CPCA) using data provided by Tesla.So different that it also looks like Tesla reported misleading data to Chinese authorities.

New data out this week from China Automotive Technology and Research Center (CATARC) revealed Tesla's monthly sales in China plummeting in August for both Model 3 and Model Y.The results are dramatically different worse versus what had been reported previously by China Passenger Car Association (CPCA) using data provided by Tesla.So different that it also looks like Tesla reported misleading data to Chinese authorities.

Tesla's August Sales Numbers in China Don't Add Up

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The Russell 2000 (IWM) has been moving sideways for 7 months between $208 and $234.50, emblematic of the mixed market environment that we still find ourselves in. As long as $208 support holds we remain constructive on the overall market. On the plus side, conditions have been improving over the past two weeks -- not getting worse (more on this below). This increases the odds of a breakout above $234.50 on the IWM in the coming weeks or months, which would signal the start of a new broad-based bull market.Charts Highlighted: EEM, JD, NFLX, TSLA, YZCAY, BTU, HCC, ARCH, ARLP, CG, ARES, AB, CNS, VRTS, BSIG, VCTR, FDUS, PLD, REXR, FR, STAG, IIPR, TRNO, PSA, EXR, CUBE, LSI, and NSA

The Russell 2000 (IWM) has been moving sideways for 7 months between $208 and $234.50, emblematic of the mixed market environment that we still find ourselves in. As long as $208 support holds we remain constructive on the overall market. On the plus side, conditions have been improving over the past two weeks -- not getting worse (more on this below). This increases the odds of a breakout above $234.50 on the IWM in the coming weeks or months, which would signal the start of a new broad-based bull market.Charts Highlighted: EEM, JD, NFLX, TSLA, YZCAY, BTU, HCC, ARCH, ARLP, CG, ARES, AB, CNS, VRTS, BSIG, VCTR, FDUS, PLD, REXR, FR, STAG, IIPR, TRNO, PSA, EXR, CUBE, LSI, and NSA

Conditions Continue To Improve; EM Buy Signal; Growth Outperforming; Gold Vs. SPX Downtrend Intact

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
That trade worked out well.
In my note <a href="https://skr.ma/eEB66" target="_blank" rel="noopener">Microstrategy (MSTR US): "Crypto Through The Tulips"</a> back on the 28 June, I recommended shorting <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> and going long bitcoin.
MSTR is up 2.3% since, against 30% for BTC.
MSTR has a tendency to issue paper to buy more bitcoins when the stock is at a large premium to its Bitcoin holdings.  As per its <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/press-release-archive/microstrategy-acquires-additional-bitcoins-and-now-holds-over-105000-bitcoins-in-" target="_blank" rel="noopener">21 June 21</a> announcement, MSTR said it held 105,085 bitcoins. That figure remains unchanged.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/764/original/image_1404123321631156413189.png?1631156418" class="editor-image img-responsive" data-smartkarma-image-id="228764"></figure>
MSTR's share price was US$123 prior to its initial announcement on the 11 August 2020 it was "adopting Bitcoin as a primary treasury reserve asset".
The current implied value for MSTR's stub ops - selling business intelligence software - is US$158/share, having touched US$141/share, suggesting value was emerging.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/821/original/image_21363881771631163833057.png?1631163833" class="editor-image img-responsive" data-smartkarma-image-id="228821"></figure>
Yet is MSTR the ideal proxy for bitcoin? And just how much legitimacy should be attached to El Salvador giving bitcoin the status of legal tender?
More below the fold.
</div>


That trade worked out well.
In my note Microstrategy (MSTR US): "Crypto Through The Tulips" back on the 28 June, I recommended shorting Microstrategy Inc Cl A (MSTR US) and going long bitcoin.
MSTR is up 2.3% since, against 30% for BTC.
MSTR has a tendency to issue paper to buy more bitcoins when the stock is at a large premium to its Bitcoin holdings.  As per its 21 June 21 announcement, MSTR said it held 105,085 bitcoins. That figure remains unchanged.

MSTR's share price was US$123 prior to its initial announcement on the 11 August 2020 it was "adopting Bitcoin as a primary treasury reserve asset".
The current implied value for MSTR's stub ops - selling business intelligence software - is US$158/share, having touched US$141/share, suggesting value was emerging.

Yet is MSTR the ideal proxy for bitcoin? And just how much legitimacy should be attached to El Salvador giving bitcoin the status of legal tender?
More below the fold.


Microstrategy (MSTR US): Bitcoin's Mainstream/Fringes Balancing Act

While China's NEV sales continued explosive growth in August, <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a>monthly MIC Model 3 sales fell by double-digits, again, versus last year, with likely only anemic help from MIC Model Y.

While China's NEV sales continued explosive growth in August, Tesla Motors (TSLA US)monthly MIC Model 3 sales fell by double-digits, again, versus last year, with likely only anemic help from MIC Model Y.

Tesla's China Sales and Market Share Continued to Shrink In August

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Evergrande/ Xi/ Coal/ USA/ Hong Kong

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

Tesla's August Sales Numbers in China Don't Add Up

New data out this week revealed much weaker monthly sales in China in August versus previously reported. So different it looks like Tesla reported...

Vicki Bryan

Conditions Continue To Improve; EM Buy Signal; Growth Outperforming; Gold Vs. SPX Downtrend Intact

Emerging markets (EEM) appear to be bottoming; one attractive buy candidate is JD.com (JD). We also highlight buy opportunities within Energy...

Vermilion Research

Microstrategy (MSTR US): Bitcoin's Mainstream/Fringes Balancing Act

But my preference would be cryptocurrency exchange platforms, as they capture all key digital currencies, plus dumb down some of the volatility of...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Evergrande/ Xi/ Coal/ USA/ Hong Kong

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

Tesla's August Sales Numbers in China Don't Add Up

New data out this week revealed much weaker monthly sales in China in August versus previously reported. So different it looks like Tesla reported...

Vicki Bryan

Conditions Continue To Improve; EM Buy Signal; Growth Outperforming; Gold Vs. SPX Downtrend Intact

Emerging markets (EEM) appear to be bottoming; one attractive buy candidate is JD.com (JD). We also highlight buy opportunities within Energy...

Vermilion Research

Microstrategy (MSTR US): Bitcoin's Mainstream/Fringes Balancing Act

But my preference would be cryptocurrency exchange platforms, as they capture all key digital currencies, plus dumb down some of the volatility of...

David Blennerhassett

Tesla's China Sales and Market Share Continued to Shrink In August

While China's NEV sales continued explosive growth in August, Tesla's Monthly MIC Model 3 sales fell by double-digits, again, versus last year,...

Vicki Bryan