Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.
- President Xi’s decision to stuff the standing committee with loyalists sent shockwaves through the country’s stock market as even pessimistic investors had hoped to see at least one or two moderate and economically concerned politicians in the powerful committee.
- The panic selling in Chinese stocks contrasts with an ongoing recovery of the GBP and Gilts as investors have gained confidence that with the appointment of Rishi Sunak, an adult finally took over again.
- While China crashed, most other Asian markets ended the week higher despite declining on Friday. Singapore’s banks and industrials delivered strong earnings - probably helped by investors fleeing Hong Kong.
- The S&P 500 and the STOXX 600 also finished higher, helped by surprisingly resilient German GDP figures,some relief over falling gas prices and lower benchmark yields in the U.S. on the back of mixed data.
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