Investors have been focused almost exclusively on developments in the US economy. Which doesn't mean all is well in the rest of the world.
In a client note on Monday, Capital Economics' group chief economist Neil Shearing noted that for all the Sturm und Drang about the health of the US economy last week, the problems investors think they're looking for in America can actually be found in China .
LeBron James and Team USA wave the American flag during Olympic opening ceremonies in Paris, France, on July 26, 2024. As investors last week recalled the various August surprises that have shaken markets over the years, there were no doubt many who remembered thethat was triggered by a surprise weakening of the renminbi from the PBOC and soft economic data out of China.
For one, markets are almost always more interested in the future than the present. Whether something is getting better or worse is more important for an investment thesis than its current condition. "There have been times in recent years where concerns about a deeper downturn in China have unsettled investors," Shearing wrote.
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