Additional Market Info
- Initial jobless claims came in just under expectations at 218K vs. 223K in continued labor market resiliency.
- The 3rd Quarter GDP revision came out unchanged at 3.0%.
- Durable goods orders beat expectations flat on the month when a decline of -3.0% was expected.
What's On Caleb's Mind
Following unilateral economic stimulus from the PBOC, the last four trading days have seen the Chinese equity market up over 10%. Some individual names are up north of 20%, so aside from seeing which hedge funds are getting their faces ripped off on the short side in the coming days, lets walk through some of the fundamentals as to what prompted this and what will likely lead to more stimulus to come.