The Quiet Breakout Everyone Missed

China is leading. Brazil is breaking out. Nobody’s positioned for it.

China is closing in on the top—and no one’s talking about it.

While headlines focus on domestic drama, China quietly became the top-performing major equity market in 2024 and it is up almost 25% this year. FXI is pressing into the $37.90 resistance zone, and it has a rising 200-day moving average. One close above, and the trapdoor opens for a violent squeeze higher.

You want confirmation? Look at the data.

PMIs are climbing. June's manufacturing ticked up again.
Ports are moving. Mid-June was the busiest shipping week in Chinese history—6.7 million containers.
Flows are surging. Southbound capital just posted its strongest first half ever.
Valuation is cheap.

MSCI China trades at a deep discount versus global peers.

Meanwhile, the “National Team” has been spotted in the tape. State-backed buyers are supporting ETFs. This isn’t guesswork—it’s tracked.