December 7, 2022
Good morning,
Buy the rumor / Sell the news apparently still works … in China. The announcement of a widespread relaxation in Covid rules and restrictions last night resulted in their market closing sharply lower on the day. Recall the November optimism over an end to Covid-zero policies, which helped propel Chinese equities to the best month in decades. The sell-off in China has the usual ripple effects. European markets are off about a percent across the board, and on our shores, Futures are down about a half a percent. The S&P 500 wouldn’t seem to need another reason to fall, it’s been down 4 days in a row by its lonesome.
Be well,
Mike
Robertson Stephens paid no fee to obtain recognition but has paid licensing fees to reference its appearances on the Newsweek, USA Today, and FA Magazine rankings lists. See Awards Disclosures
