From FT Alphaville:
China's equity rally: powering on
Up nearly 25 per cent year-to-date, China's equity market, as measured by the Shanghai Composite, stands out as the star performer of 2019, far outpacing the S&P 500 and MSCI World Index, which have each gained just 11 per cent this year.
The double-digit gains come after months of lacklustre returns:
On Wednesday the Shanghai Composite gained another 1 per cent, leading Justin Walters of Bespoke Investment Group to call the index overbought. Despite this claim, Walters makes the case that Chinese equities, now well within bull market territory, are likely to keep climbing higher. The average bull market, he writes in a recent note, historically gains 112.6 per cent over 205 calendar days. And given the momentum-based nature of China's stock market more broadly, "the Shanghai really could be just starting to pick up steam"....MUCH MORE (chart mania)
The poem snippet is from "High Flight" by John Gillespie Magee, Jr. an Anglo-American Royal Canadian Air Force pilot who was killed December 11, 1941, age 19, above Lincolnshire:
"Oh, I have slipped the surly bonds of earth,
And danced the skies on laughter-silvered wings;
And danced the skies on laughter-silvered wings;
Sunward I've climbed and joined the tumbling mirth of sun-split clouds -
and done a hundred things You have not dreamed of -
wheeled and soared and swung high in the sunlit silence.
Hovering there I've chased the shouting wind along
and flung my eager craft through footless halls of air.....
