China’s Economy Deflates at Fastest Level Since 2009

China’s CPI came in far worse than the -0.5% consensus forecast

Highlights

• Fundamental math puts S&P 500 fair value at 3,850

• Chinese equities have become state-directed

• Disinflationary data abounds (CRE, Germany, China PPI)

• Strategizer says it’s time to give EMs a serious look