Yesterday amidst the early morning splendor, bond yields got hit and I new it would sink stocks. Today is a different story, with the 10yr +3bps. We can bounce today.
The only caveat is oil, presently off by 1%. It needs to lift.
Also, the good folks from JPM have all but considered the virus to be something akin to a temporary phenomenon and have declared China will grow 15 fucking percent in q2.
China’s economy will bounce back from the coronavirus and grow 15% in the second quarter on a quarter-on-quarter, annualized basis, JPMorgan Chase’s Joseph Lupton told CNBC on Wednesday.
Lupton, a global economist for the bank, said on “Squawk Box” he is projecting negative 4% growth for the first quarter, when the coronavirus outbreak brought much of China’s economy to a halt.
“It’s not just looking at things still depressed. It’s looking at where the bottom is and are we starting to march our way upward?” Lupton said.
Lupton said 15% quarter-on-quarter annualized growth could be possible, in part, by the depths of the first-quarter decline. “If you get a rebound that’s happening, even if you’re still down 30%, if you were down 50%, that’s a 20 percentage point move that actually starts to impact growth not just in the second quarter but even in the late first quarter,” he said.
Fuck off and whatever.
Virus stocks are higher in the pre-market, but they usually trade lower with stocks higher. It’s a fluid situation, as always. Just find solace in knowing China’s GDP is going to grow faster than ever soon. Super cool!If you enjoy the content at iBankCoin, please follow us on Twitter