Escalating China tensions could become an obstacle for U.S. stock rally GlobeInvestor
This translation has been automatically generated and has not been verified for accuracy.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.
“What Hong Kong represents is longer than a one-day or one-year issue,” said Jim Paulsen, chief investment strategist at the Leuthold Group. Paulsen said he believes that geopolitical tensions are likely to hang over markets over the longer term. Investors have grown increasingly nervous that the U.S. stock rally over the past two months has become disconnected from the economic devastation wrought by nationwide lockdowns. The S&P is up more than 35% from its March lows, even as key metrics such as unemployment and gross domestic product have flashed their worst readings since the Great Depression.
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