July 16, Wednesday

High-Level Voices: 
China's GDP in the first half of the year was 66.05 trillion yuan, up 5.3% year-on-year. By quarter, Q1 GDP grew by 5.4%, and Q2 grew by 5.2%.

Overall Sentiment: 
The National Bureau of Statistics released first-half economic data. The impressive figures failed to stimulate the market, while the simultaneously released 70-city housing price data felt more grounded. To keep GDP growth above 5%, the Bureau went all out, but even pulling consumption to 5% wasn't enough, as investment dropped significantly. This led to the peculiar situation where investment, foreign trade, and consumption all lagged behind the GDP figure, creating a case of
"one plus one equals more than three." On the second day after the Bureau announced it would stop reporting unemployment rates, it declared a 5.3% income growth-true magical realism. 
Trump has officially launched plans to sideline the Federal Reserve Chair, with an announcement on the next Fed Chair appointment expected soon.