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1.Market Observations, 8.Was Sticky

29 June 2018 (AFR) – Look beyond trade war to explain China share weakness

(29 June 2018, AFR, p27, by The Lex Column, Financial Times)

Renminbi and stocks; and Dollar debt and performance (Bloomberg, Reuters)

Renminbi and stocks; and Dollar debt and performance (Bloomberg, Reuters)

‘The trade war is a seductive explanation for the sell-off in Chinese markets. Investors should look for reasons closer to Beijing to fathom weakness. Tight credit, a slowing economy and accumulated offshore borrowings all darken the outlook. Companies with big export revenues, such as Hikvision, the video surveillance group, and appliance makers Midea and Haier, have done poorly this month. But total tariffs and counter tariffs announced so far cover only 1 per cent of global trade, as Morgan Stanley points out.’

Read more at (might need AFR login access, or try:


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