Data overnight showed the world’s second largest economy in the midst of a serious contraction in real economic output after the latest import and export data missed estimates by a wide margin. Exports collapsed by -15.00% on expectations of a 12.00% expansion while imports continued to slide, falling by -12.7% compared to the prior month. The trade balance fell from $60.60 billion in the prior reporting period to just over $3 billion according to the most up-to-date data points. Nevertheless, Chinese stocks remain some of the best performers in 2015, aided by strong growth in retail brokerage accounts. With the Government crackdown on corruption seeing decreasing interest in Chinese gambling hub Macau, former gamblers are turning to investing as an outlet for disposable income, raising risks of a larger equity bubble in one of the world’s fastest growing equity markets.