Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. I do make mistakes, but I try hard to do my analysis thoroughly, and to make sure my data are correct. Remember: the unexpected sometimes happens. The expected does too, but all too often it takes longer than you thought it would.

The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

BTW, clicking on most charts will produce the original-sized, i.e., bigger version.

Thursday, January 31, 2013

Chinese growth bottoming

The latest (provisional) HSBC PMI from China is perfectly consistent with growth bottoming.  Actual IP yoy has bottomed (the chart shows the data after extreme adjustment, which mostly just removes the blips caused by the peripatetic Chinese new year).  The rise in the PMI suggests more is to come.  (IP left hand scale, PMI right)

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