China tied the US at the Paris Olympics with a gold-medal haul of 40
China tied the US at the Paris Olympics with a gold-medal haul of 40, an outcome
that state-run media in Beijing heralded as more evidence that China can rival
America on the world stage.
However, a very different reality has been on display of late in the arenas of economics and finance. When the US reported a weaker-than-expected monthly jobs report on Aug. 2, it hit equities in markets spanning the globe. But when July retail sales beat expectations almost two weeks later, shares climbed from Frankfurt to Tokyo.
By contrast, when Chinese data this week showed the first contraction in lending in 19 years, it hardly became a talking point for global markets. While other recent news showed that famed investors David Tepper and Michael Burry are long on China, the broader picture is one of disenchantment: foreign investors pulled out a record amount of money last quarter.
"The contrasting response in markets to concerns about slowing growth in the US and China illustrates that, in an era of rising geopolitical competition between the world's two largest economies, it is still America that matters most for investors," Neil Shearing, Group Chief Economist at Capital Economics, wrote in a note this week.
Photographer: Nathan Laine/Bloomberg
However, a very different reality has been on display of late in the arenas of economics and finance. When the US reported a weaker-than-expected monthly jobs report on Aug. 2, it hit equities in markets spanning the globe. But when July retail sales beat expectations almost two weeks later, shares climbed from Frankfurt to Tokyo.
By contrast, when Chinese data this week showed the first contraction in lending in 19 years, it hardly became a talking point for global markets. While other recent news showed that famed investors David Tepper and Michael Burry are long on China, the broader picture is one of disenchantment: foreign investors pulled out a record amount of money last quarter.
"The contrasting response in markets to concerns about slowing growth in the US and China illustrates that, in an era of rising geopolitical competition between the world's two largest economies, it is still America that matters most for investors," Neil Shearing, Group Chief Economist at Capital Economics, wrote in a note this week.
Photographer: Nathan Laine/Bloomberg
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