Pressure on China to lean on exports again as its domestic demand recovery continues to be dogged by a property bust has opened up cracks in the yuan, too. — Bloomberg
An almost eerie period of low financial-market volatility appears to be ending as the exceptional US economic expansion re-ignites the US dollar and bond yields worldwide just as geopolitics worsen, emerging markets struggle and stocks wobble.
While there are good reasons to cheer the sheer resilience of the world’s biggest economy, the pivotal role of the US dollar and US Treasury borrowing benchmarks means continued US divergence from the rest spells financial turbulence ahead.
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