Another day, another bloodbath in things that aren't called "S&P 500".
The public comment period expires tomorrow on the proposed $200 billion in tariffs on additional Chinese goods and it looks like Trump is going to go ahead and move forward with those duties in what would mark the most seriously escalation yet in his efforts to plunge the world into protectionism.
The psychological overhang from that was too great for Chinese shares, which buckled on Wednesday. Mainland equities fell sharply and in Hong Kong, the Hang Seng dropped the most since mid-June.
Tencent was a train wreck, falling for a fifth day in six. The shares were down more than 4% on the day and just to reiterate, this is bad for emerging market equities on the whole:
Regulatory risks are going to continue to haunt the company and that, in turn, is going to haunt EM stocks more broadly.
Tencent’s Latest Terrible, No Good, Very Bad Day Comes At Just The Wrong Time
Tencent’s Hard Landing Is Stark Reminder Of Tech’s Fallibility
Meanwhile, the rout in Indonesia is on. On Tuesday evening, we said the following:
Argentina, Turkey, Brazil and South Africa are grabbing most of the headl
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