Surging TSF Buoys China in March, but Excess Capacity Exacerbated by Recession
Although real GDP contracted 6.8% YoY in 1Q, FAI grew slightly and imports and industrial output barely declined YoY in March after a massive RMB...
375 Views
China's Vicious Stagflation Likely to Morph into Recession and Financial Crisis
We estimate an 8% YoY decline in real GDP in 1Q 2020, and -2% YoY in 2Q 2020 (as steel, for instance, first sees excess stockpiles in 1Q and a...
509 Views
Global Equity Strategy: Buy the Dips
Despite recent weakness across global markets, our weight of the evidence approach continues to lead us to the same conclusions as we posited in...
494 Views
What Is Happening with the Chinese Economy?
Despite official declarations that China is returning to work, we see no evidence of this in coal consumption. Not only that, it is indicating a...
457 Views
U.S. Equities: Still Bullish, With Reservations
And just like that, the S&P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy...
471 Views