Three topics today caught the eye:
China's PMIs (steady as she recovers, some sign of life in export orders);
Hong Kong's monetary data, which signal to us the dramatic recovery in Hong Kong's function as a capital-raising centre for China - capital raised is up 99.4% ytd, with the real boom starting in 3Q;
In the US, the ADP's payrolls rise of 749k suggests a slightly faster rate of rebound than August. Nevertheless, payrolls are still down 10.4mn from pre-Covid levels, and at this rate of recovery, we won't get back there until the end of 2021. That's the size of the problem visible.
