China – Deleveraging Up, Property Down, Liquidity Contracting

While clashes with Trump may be grabbing global headlines, there is a far broader, and arguably deeper, range of factors in play when it comes to the performance of the Chinese economy this year. Risk appetite remains subdued and the economy appears to have reached the so-called “late phase” – with earnings growth experiencing a downward trend, reduced growth opportunities as well as falling PPI inflation according to recent research from Macquarie. ¹

Chinese Leaders Proclaim End To Government Bond Risk Backstop, Look To Detroit For Guidence

^{China Growth Lower, But Debt Much Higher}

Deleveraging –...