Yesterday's rally was likely due to "less bad" China PMI data and some short-covering, RBC says....

|By:, SA News Editor

Yesterday's rally was likely due to "less bad" China PMI data and some short-covering, RBC says. "We're not convinced that a sustainable upturn in equities, or a peak in defensive sector leadership" has arrived - at least not until it sees "a firmer floor under the macro outlook."