Mainland Chinese equities are underperforming US markets once again. The initial rally fizzled out as weak economic data weighed on sentiment. Meanwhile, across the Pacific, Wall Street found fresh legs. Traders are pricing in potential monetary easing, which reignited risk appetite.

The divergence is stark. One market grinds lower under the pressure of sluggish growth signals. The other? Climbing on hopes that central banks might loosen the purse strings. It's a tale of two economies moving in opposite directions, and investors are clearly picking sides right now.