China’s Economic Planning Meeting Ends With a Dud

Lack of further Chinese fiscal stimulus clarity constrains Asian markets

Highlights

• Lack of further Chinese fiscal stimulus clarity constrains Asian markets

• Razor-thin equity risk premium is hard to justify in today’s environment

• Benign PPI and a jump in jobless claims fail to spark a Treasury market rally

• Post-BoC cut messaging less hawkish than portrayed — love GoC bonds, fade the loonie