China only has one Silver fund and the demand is so rampant it had to shut off subscriptions so it's now at 42% premium
Source: Eric Balchunas @EricBalchunas Bloomberg
Chinese-financed infrastructure projects across Latin America
Source: Amazing Maps
China’s GDP grew 4.5% in the October to December period, slowing from 4.8% in the third quarter, the weakest in nearly three years as consumption misses forecasts
Full-year economic output came in at 5%, meeting the official target of around 5%. Retail sales grew 0.9% in December from a year earlier, the slowest growth since late 2022. Industrial output climbed 5.2% in December, topping expectations for a 5% growth. Source: CNBC
China last year registered the lowest number of births since records began
This marks the fourth consecutive year of population decline as policymakers grapple with a demographic crisis. Source: FT
The $1.19 Trillion Elephant in the Room
China’s December trade data just leaked, and it’s a masterclass in contradiction: ✅ The Good News: Exports beat expectations by 2x. Imports are at a 3-month high. The annual trade surplus hit a record high (up 20%). ❌ The Bad News: Trade with the U.S. is in freefall. Exports to the U.S. are down 30%. Imports from the U.S. are down 29%. What does this mean for 2026? - Diversification is king. China is filling the "U.S. gap" elsewhere. - Tariffs are working (but maybe not as intended). They are reducing bilateral trade, but China’s total global footprint is still growing. - Supply chains are shifting. Expect "China + 1" to move from a buzzword to a survival requirement. Source: CNBC
Chinese Households now have available cash totaling 160 TRILLION Yuan, the equivalent of more than $22 Trillion USD 🚨📈🤑🥳
Source: Barchart, Financial Times
📢 China's Economic Slowdown Deepens in November 📉
China's economic performance in November fell short of expectations across key metrics, signaling a deepening slowdown as authorities grapple with weak demand, property sector decline, and supply-side constraints. Key data points: 🔴 Retail Sales: Rose 1.3% year-on-year (YoY), sharply missing the 2.8% forecast and slowing significantly from 2.9% in October. 🔴 Industrial Production: Climbed 4.8% YoY, missing the 5.0% forecast and marking its weakest growth since August 2024. 🔴 Fixed-Asset Investment (YTD): Contracted 2.6% over the January-November period (worse than the 2.3% forecast). This contraction deepened from the prior period (1.7% drop) and represents the sharpest slump since the 2020 pandemic outbreak. Source: CNBC
J-C Parets: When we talk about healthy sector rotation, this is exactly what that means.
High Beta is making new all-time highs, AND it's making new all-time highs relative to Low Volatility. That's not weak breadth. That's not deterioration. That's called a raging bull market.
