Editor's Note: This is an excerpt from Hedgeye morning research. Click here for more info.
* * * * * * *
Some sneaky central planning dudes in Beijing stole the Greek headlines overnight by floating some rumor action (National Pension Fund buying!) out there. Yep. That’ll get your attention in an illiquid market. This fueled the biggest intraday move in the Shanghai Composite Casino since 1992!
Shanghai closed up +5.5% after being down 14% in the three prior days. Ex-Thailand (down -0.9%) Asian Equities were pretty much green across the board.
If you’re trading China and you don’t have your seat-belt on, please fasten it.
Also, in case you were wondering, the Chinese are doing this because the economic data there continues to be a disappointment.