MBCC TH 17th July'23 - "What does the market want or need, all eyes on Fed FOMC in July, in the meantime dont forget China!"

China GDP came in at 6.2% y/y in Q2. This was a high y/y comparison as expectations were for 7.3%. But if you look at the growth, China's home sales slowed, investment is slowing.

• Home sales by value rose 3.7% from a year earlier in the first half of the year, slowing from an 11.9% increase in January to May, the National Bureau of Statistics said Monday.

• Property investment fell 7.9% in the first half, compared with a 7.2% decline in the first five months.

• New construction starts dropped 24.3% in the first six months, compared with a 22.6% fall in January to May.

How to trade this? Where is the consensus wrong?