Every time I meet someone in business here in China I ask how things are going, and whether they are getting better now or worse. Invariably the answer is gloomy, along the lines of "we are just trying to keep going at the moment", and "worse than 2008". That's a pretty big change from just 6 months ago when things were only modestly bad. So yes, everyone is maximum bearish but we are yet to see articles in the media talking about "green shoots" (ha ha remember those).
Thinking about Chinese demand for baby formula in Australia, what would happen if the Federal government imposed rationing? It would be popular. I wouldn't chase stocks like BAL and A2M.
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