The Chinese unrecovery is showing more green shoots. COVID is contined for now:
Mobility is improving:
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Broder macro indicators are lifting:
Even property sales are showing signs of life though I’m not sure whether the timing of holidays is distorting the growth rates. Developers remain cooked:
It’s certainly the case that policy doing its best:
I’ll stick to my current skepticism for now. Moreover, I remain of the view that the next shoe to drop on China is a recessionary trade shock as the US consumer buckles.
But you never know with China.