CHART OF THE DAY: You Can't Square This Circle

While Wall Street consensus wants to (needs to) believe that “the bottom is in” for The Cycle, neither the PBOC (Governor Yi saying to expect a “protracted slow-down” post China’s underwhelming PMI print of 50.2 this AM) nor EM Equities believe that:

1. China’s Shanghai Composite Index was down another -0.5% last week and remains Bearish TREND @Hedgeye  
2. Emerging Markets (MSCI) Equities were down -0.8% last week and remain Bearish TREND @Hedgeye  
3. Mexican Stocks dropped another -1.6% last week and remain Bearish TREND @Hedgeye  

That’s right. We’ve had a “deal” with Mexico for a while now and what did that change? It’s not changing demand for the beans in the alleged #BeanDeal either. Soybeans deflated another -2.3% last week to -7.3% year-over-year.