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Weak global macro

Europe published gdp yesterday: The numbers were on average poor, but they were particularly soft for Germany, where the economy contracted for second straight quarter by -0.3%. If we were to use the traditional definition, we would say Germany is In a recession, but we have recently discovered that is a necessary condition, but may not be sufficient. We will need to wait to see if officials confirm it. France growth was zero, signaling problems with core EU while the periphery seems a little bit healthier. In China, a Hong Kong court ordered Evergrande liquidation, after repeatedly failing to restructure its debt, which sent the Chinese 10 year bond to the lowest yield in 23 years. In the meantime, the S&P500 keeps on printing new highs.

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