In today’s briefing:
- Bear Market Rally or Turning Point?
- CX Daily: China’s Primary Health Care On The Front Line Against Covid
- ECB: Hiking With No Clothes
- Temasek Focuses on China’s Micro-Level Growth Trends, Head of China Says
Bear Market Rally or Turning Point?
- In an interview released last month, legendary investor Stanley Druckenmiller reminded everybody how bear market rallies can be a challenging experience for people comfortably sitting on the short side.
- Due to their fast and furious nature, they seem to be somehow designed to mine the confidence of the short side.
- ‘‘What if I am wrong on the big picture macro thesis?’’ ’’What if I find myself big times under-allocated in equities and we keep rallying?’’
CX Daily: China’s Primary Health Care On The Front Line Against Covid
In Depth: China’s primary health care on the front line against Covid
Exclusive: U.K. bank seeks investors for stalled Chinese-backed London development
Chinese vice premier urges regions not to let up in fight with Covid
ECB: Hiking With No Clothes
- The ECB followed through on recent source reports and frontloaded its 50bps rate hike into July. More steps are ahead but are likely to be data-dependent 25bps ones.
- Abrupt tightening requires a credible policy to manage fragmentation pressures, which a new transmission protection instrument (TPI) is intended to provide.
- Purchases under TPI are a conditional insurance policy that requires future agreement to trigger, so it is unlikely to prevent excess recessionary pressures from building.
Temasek Focuses on China’s Micro-Level Growth Trends, Head of China Says
- A long-term investor in China assets, Temasek International Pte. Ltd. tends to look beyond GDP figures and find opportunities on the micro-level
- The Singaporean state-owned company mainly invests in four areas in China — digitalization, sustainability, life sciences and new consumption — representing at least half of China’s GDP
- Temasek’s investment decisions are based on trends that help industries transform and grow
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