China

China’s economy is weakening across the board as global risk-off hits equities. With housing conditions worsening and exports contracting—a perfect storm—Beijing faces mounting pressure to deliver stronger, housing-focused stimulus.

This report revisits China’s property market through both cyclical and structural lenses, assesses the likely policy responses, and evaluates their investment implications.

Should investors chase the copper rally or use the latest bout of strength as an opportunity to sell?

We warn that weakening Chinese demand and shrinking global manufacturing will weigh on the metal’s price over a cyclical timeframe.

We recommend a new relative tech equity trade that will likely produce positive returns over the next six to 12 months, regardless of whether the AI hype continues or reverses.