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Something for your Espresso – Europe is slowly but surely turning into the best bet on earth

European equities are flagged all over our model package as the best trade on earth currently as the US and European macro cycle starts to diverge—meanwhile, China is back in the abyss after a massive move in Hang Seng this morning.
2025-02-13

Morning from Copenhagen.

Bizarre move in Chinese risk assets this morning, with the Hang Seng dropping more than 3% from intraday highs within just 1–2 hours. The recent frenzy in Chinese tech has suddenly come to an abrupt halt.

This raises the question: is China heading straight back into the abyss, or is there still some merit to the China bull case? We are probably leaning toward the first.

The resilience in European assets is noteworthy, especially given their historical sensitivity to China’s performance. Yet, we’ve seen almost no reaction in European equities following the sharp Chinese move this morning.

Chart 1: China is back in the abyss most likely

European equities are flagged all over our model package as the best trade on earth currently as the US and European macro cycle starts to diverge—meanwhile, China is back in the abyss after a massive move in Hang Seng this morning.

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