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Views from the equity market

Equities generally look fairly valued against earnings based on history, but are cheap against fixed income.

China's GDP is concentrated in the Big Four cities and the GDP per capita data is distorted by the size of the denominator. While overall GDP per head in China is officially US$6,800, in Shanghai (population 22 million, above), it is more than double that, at US$14,000. In Beijing (population 19m), it is US$15,000; in Tianjin (population 11 million), it is US$16,000; and in Guangzhou (population 11 million), it has GDP per capita of US$19,000.

THE latest Greek agreement was as uninspiring as it was unsurprising. The problem is, and remains, that the interests of the two key parties, the Greeks and the troika, are fundamentally opposed.

However, unlike in 2012 when the prospect of Greece leaving the single currency presented an