It was just one year ago when the biggest worry for the market - which culminated with a near 10% S&P correction in in early 2016 - was the daily plunge in the Yuan driven by the surging dollar, which in turn prompted China to engage in an unprecedented reserve liquidation (in which it sold both government bonds and equities), leading to a daily selloff in risky assets on days when the Yuan was fixed lower.
On one hand, China’s recently implemented home-buying curbs to cool the runaway property market worked in October, when following a slump in property sales volume new-home prices gained last month in 62 of the 70 cities tracked by the government, declining from the 63 recorded in September, the National Bureau of Statistics said Friday. Prices dropped in seven cities, compared with six a month earlier.
One week after RealVision brought us the latest Jeff Gundlach interview, in which the DoubleLine bond king explained why he is now "100% net short", on Friday Grant Williams interviewed Jim Rogers, in which George Soros' former partner (the two co-founded the Quantum Fund in 1973), is about as gloomy, warning "the next time the world comes to an end, it's going to be a bigger shock than we expect."
Submitted by Michael Shedlock via MishTalk.com,
Protectionists are on the cusp of a “Pyrrhic victory” over China.
No one will like the results when it happens.
A huge global trade war is on the horizon, regardless of whether Hillary or Trump wins the election.
The die is cast: US Steel Given Green Light to Seek China Import Ban.
Taiwan's exports fell 9.6% y/y in May, marking the 16th straight month of decline. The results were slightly better than estimates of a 9.9% fall, however significantly worse than April where exports fell 6.5% y/y. Imports also fell 3.4% y/y, leaving a $3.5 billion trade surplus for May.