For the first time since June 2015, Alibaba is now bigger (in market cap) than Amazon.com…

As Bloomberg notes, after 831 days, Alibaba Group Holding Ltd. has regained the title of the world’s biggest e-commerce company. The Chinese retailer surpassed Amazon.com Inc. Tuesday as the U.S. retail giant’s stock continued to stall after second-quarter earnings missed estimates and the merchant forecast a possible operating loss for the third quarter. Alibaba — whose stock is up over 109 percent this year — held the top spot for the first 9 and a half months after its initial public offering in 2014.

In fact, since June 7th’s spike after management raised its full-year revenue guidance at the company’s annual investor day, AMZN has lost almost $8bn in market cap as BABA has added a stunning $155 billion.

Why is AMZN falling? Simple – global central bank balance sheets are shrinking…