The slowdown in Chinese real estate is well documented, but their decision to sit on Q3 GDP data this week caught market watchers by surprise, writes Ian Murphy of

Many have long suspected the world’s second-largest economy is struggling badly under Covid lockdowns, but it looks as if less-than-stellar figures are being kept under wraps so as not to spoil the Communist Party’s party.

On this side of the globe, equity markets rallied on Monday and Tuesday when US banks reported robust earnings which no doubt benefited from increased margins on rising interest rates. The mood was also buoyed by the freshly minted Chancellor of the Exchequer who performed the mother of all U-turns in the UK and reversed the tax cuts of his predecessor.

Amidst the political distraction, it is easy to lose sight of the fact that the UK is facing serious economic headwinds coupled with an ideological reckoning as the scenario which Brexiteers dismissively labeled ‘project fear’ might be unfolding as Remainers predicted.

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The cross-currents of earnings, China, and the UK have buffered US stocks but the number of listed firms making new 20-day lows remains below the all-important 10% level, so the current trigger on the Help Strategy is still in play. Frustratingly, yesterday’s price bar on ProShares Ultra S&P500 2x Shares (SSO) came within 20c of the first target before reversing (right above).

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