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ING Say Should Anticipate Markets Remaining Soft In Net Terms

CHINA
  • From the earlier wall street journal piece:
  • As part of its stimulus efforts, Beijing is considering issuing roughly one trillion yuan, equivalent to about $140 billion, of special treasury bonds to help indebted local governments and boost business confidence, according to people familiar with the discussions.
  • The special bonds would be used to finance infrastructure projects and other initiatives aimed at boosting economic growth, the people said. They would also be indirectly used to help local governments repay their debt. (WSJ)
  • Full piece here: https://www.wsj.com/articles/china-cuts-rates-to-p...
  • ING just wrote that there will doubtless be more support measures coming in the days and weeks ahead. And in anticipation of these, markets may rally. But the underlying story on the economy is extremely disappointing right now, and that suggests that apart from periods of temporary stimulus-generated relief, we should anticipate markets remaining soft in net terms.
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