On page 4 of this publicly available ISI report (
here) from September, there is a chart of the ISI company survey of China sales (US companies exporting to or selling in China). The comment says: "Our China Survey was
unchanged this week, but is
just 4 pts off the 2009 low" - as the index approached its all-time low. It never quite made it. In a remarkable turnaround, the index (according to ISI) has its biggest 3-week increase in 3 years. There is clear evidence of this improvement from companies like Yum Brands, who saw large declines in China sales that are now expected to stabilize (
see Barrons post). This provides further support to the thesis that China's economic output growth has bottomed (
see discussion).
SoberLook.com
From our sponsor:
