Escalating China tensions could become an obstacle for U.S. stock rally via DKRandall ldelevingne
NEW YORK/BOSTON - U.S. President Donald Trump’s directive on Friday to begin the process of eliminating special treatment for Hong Kong is likely to put China-U.S. tensions back in the headlines over the coming months, creating a new driver of volatility in global equity markets.
The trade war, which began in earnest in the spring of 2018, had been a constant source of volatility for global markets, as a steady drip of headlines whiplashed investors. The Phase 1 deal helped push the S&P 500 to all-time highs earlier in the year, until coronavirus hit. Since then COVID-19 has been the primary driver of investor sentiment.
A re-emergence of U.S.-China tensions would add to serious risks that already hang over the market. Paulsen and other investors said markets remain focused on the trajectory of the coronavirus pandemic and potential signs of a U.S. recovery. Erin Browne, a portfolio manager at Pimco, the massive bond fund, said strains in the U.S.-China relationship is “one of the primary market risks” into the second half of 2020. She said she is hedging her portfolio accordingly.
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