Whoops, Turns Out There's No New Chinese Stimulus

It never made any sense that a new Chinese stimulus would somehow save the world, but for a moment it was something to get excited about. Alas the actual news isn’t really that big.

Basically, the country is reaffirming the $586 billion stimulus it announced last November, which it believes will allow the country to grow by 8% this year (doubtful, unless it fudges the numbers big time).

The news that there wasn’t actually any new stimulus prompted mixed trading in Asia.  Europe is down.

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