It is the 9th of December 2019

News

RBC: "This Is The $1 Trillion Question On Our Clients' Minds"

With Dennis Gartman seemingly correct this time, and the market not only melting up, but in full "blow off top" mode, traders can only sit back and watch in quiet amazement how nothing can lead to even the most nominal of downticks. So in hopes of bringing some daily clarity, here is RBC's cross-asset head Charlie McElligott with his daily dose of market zen, focusing not only on the key events of the day, namely China's record credit injection and Yellen's more hawkish than expected Congressional testimony, but with an observation of what "continues to be the chief concern of clients on recent marketing swings", namely "The TRILLION dollar question: when does all of this “inflation as a good thing” tip over into “inflation with no growth”—aka STAGFLATION?"

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Striking Admission By China: "Rising Social Tensions Pose Enormous Challenges To Beijing's Stability"

Data released by China's NBS early last week confirmed that the latest Chinese housing bubble continued to deflate with 70-city housing price data confirming that home price inflation slowed in most cities in November, except in a few lower tier cities where home price inflation re-accelerated. The average, seasonally adjusted property price change was in November +0.7% from October, and up +12.9% yoy. This compares to October's +1.2% mom increase and +12.7% yoy.

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