1. Quite a lot of cautious commentary out over the weekend and on Monday about the growth profile of the Chinese economy. Bloomberg's own Chinese GDP growth estimate has come down to c. 6.3% compared to the Chinese central government's continued hope of 7.5%.
2. Am not sure which of these two charts is the more shocking...
Remember Greece caught an upgrade from S&P last Friday? Over the last five years (to the end of last year) the real changes in spending has been simply shocking. That really is dis-inflation...
I had not realised the strength of the relative decline in the performance of US distressed assets over the last couple of months. This is real junk (note the far stronger performance of 'CCC' grade assets for example)
3. I take some profits on my SABMiller position as rumours spread that the company had a tilt at linking up / bulking up with Heineken because they feared that Anheuser-Busch InBev were just about to make a bid for them (SABMiller that is)...
4. The OECD slashes growth forecasts for certain material parts of the world economy (interestingly given the above NOT China).
5. An earlier Wrap than usual. Due to travel there may well be some slightly different posting timings over the next few days. Don't worry...still new content every day on www.financialorbit.com!
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