• Meanwhile in markets, ESTR OIS are back to pricing in a panicky U-turn by the ECB while over in Asian we have a lukewarm response to the People’s Bank of China’s surprise rate cut.
• The Shanghai Composite was up marginally this morning, rising more than half a percent to 3,543 points. It remains the case that Chinese equities have been doing next to nothing for the past twelve months while Western markets literally rocketed to the moon. The PBOC announced a measly 10bps rate cuts for a number of its policy rates:


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