In case you somehow missed it, China reported year-over-year GDP growth of 6.9%, versus the government’s 7% target. It was the weakest print since the financial crisis. Of course, China’s numbers are more than just a little suspect.
As Hedgeye CEO Keith McCullough wrote earlier today:
“Look on the bright side of their storytelling they didn’t stick a 7.0% this time and made-up “6.9%” GDP instead. Lol. Even the locals (who are paid to think a certain way) didn’t buy Chinese stocks on that – Shanghai Comp closes -0.14%.”
A recent Hedgeye headline comes to mind: “The Epic Gong Show That Is China's Shanghai Composite Casino.” For the record, the Shanghai Composite Casino is off nearly 34% since it peaked in June.
Incidentally, one of our latest quarterly macro themes is sagging global growth = #GameOfSlowing, spoofing the popular HBO show Game of Thrones. Our macro team compared China and Emerging markets to the character Eddard Stark who dies early and he does not come back.
More to be revealed...