We're sorting through some quarter-end flows at the moment so I'm suspicious of FX moves but the euro, pound and antipodeans in particularly are climbing on this move in the dollar. China didn't offer a full picture on fiscal support today but said it would offer the “necessary spending” to meet this year's 5% target. We did get some subsidies for the poorest, for families with more than 1 child and extra cash for banks. The signals is that more is coming and China-related equities absolutely love it.There are macro knock-ons though and it should be good news for Europe's beaten-up manufacturing and export segments. A stronger Chinese economy is also a boost for all global growth trades, in
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