All Eyes On China, Where The Plunge Protection Team Bought $10 Billion In The Past Month

As Goldman writes in its EOD post-mortem, while the S&P closed just 4pts from ATHs today reversing earlier losses amid extremely choppy action under the hood, it was China that was most topical after a slew of overnight market stimulus headlines. And, as discussed earlier, overnight the Hang Seng rallied a massive 4%, its biggest move since July ’23, as President Xi was said to take a "personal interest" in the latest developments boosting already buoyant shares higher in afternoon session trading.

To be sure, after the recent rout in China, the surge barely lifted stocks to levels seens just weeks if not days earlier...