Monday morning links
China's ban on non-essential overseas travel, Indian inflation, Uni-President China, Tencent, Nvidia, Shein
The data coming out of China continue to be bearish. The likelihood that Beijing will enter a Shanghai-style lockdown increases by the day. And now, the government has banned “non-essential” overseas travel. I’m noticing discontent among the general public. Such discontent could eventually force the government to backtrack from its zero-COVID policy, in my view.
India’s inflation rate jumped to almost 8% in April, with food representing a significant proportion of India’s CPI basket. Inflation pressures could force the Reserve Bank of India to hike interest rates further, hurting the economy in the process.