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
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