Target's Big Earnings Beat is a Mirage, China Risks Bank Run

Target stock is flying premarket this morning after reporting a massive earnings beat yet curiously the accompanying revenue was a miss. If that doesn't make sense to you, then congratulations, it means you're paying attention. So where did Target's big earnings beat come from?

Elsewhere, China appears to be on the brink of another bank run as Trust Company (pronounced "Shadow Bank") Zhongrong has now missed payments on more than a dozen of their wealth management products while also halting redemptions on short term investments. The company says they have no plan to resume any payments as liquidity has vanished.

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