SCOREBOARD: Sino celebration

Markets were convinced by positive Chinese trade data, which triggered more record highs on European and US indices.

While some may debate the validity of Chinese economic statistics (only when they are strong mind you), the market took the surge on both Chinese exports and imports as a good sign. And the fact is, it is a good sign. Playing the 'I don’t believe the numbers' game presents some serious problems, and anyway people could just turn around and argue that growth is in fact stronger than the numbers suggest.

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