Macro News
Global: Last week, the National Bureau of Statistics reported that China’s economy grew at 6.2% YoY in the second quarter, down from 6.4% in Q1, its slowest pace in almost 30 years. We saw that fundamentals have continuously disappointed in the past three months, weighing on Chinese equities with the Shanghai SE Composite down approximately 12% since its high reached in the end of April.
On the other hand, China excess liquidity, which we compute as the difference between real M1 money growth and inflation ((PPI)), has rebounded since the beginning of