... or what caught my attention:
1) Yesterday's strong macro data from the US scared investors.
Especially retail sales, which increased in December by +0.6% (vs. expected increase +0.4%). However, the retail control metric (goes directly to GDP calculation) surged +0.8% in December vs +0.2% expected.
Let's look at how this affected the GDP growth forecast in Q4 2023. The Atlanta GDP tracker was revised upwards after the data to +2.41% (it was previously +2.23%). Details in Figure 1.
The American economy remains strong, Q4 2023 will be the 6th consecutive quarter of growth (we were in the red in Q1 and Q2 2022). But historically, recessions have started even during positive GDP growth.

2) Chinese shares in a free fall.
Global risk-off, yesterday's package of macro data from China (including a drop in new house prices in December of -0.4% YoY) does not give a chance for Chinese shares... YTD (Figure 2):
Hang Seng -9.72%
Hang Seng Properties -13.42%
Hang Seng Tech -15.40%
S&P500 -0.64%

Chinese shares also have no chance from December 31, 2022 (Figure 3):
Hang Seng -22.19%
Hang Seng Properties -39.06%
Hang Seng Tech -22.87%
S&P500 +24,13%

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