The weekend has not been too punishing for global stock markets, it seems, even as coronavirus cases jumped and we got some woeful PMI surveys from China. Whatever the headline expectations were for the Chinese PMIs, traders will have always been willing to give them a relatively large degree of leeway, under the circumstances. Prior to last week’s open, you could have argued that markets were not positioned for such dreadful numbers but you can’t really say that now. I guess this once again also highlights what happens when investors feel the central banks will always have their backs. And they’re certainly banking ... (full story)