With China focused on zero Covid and the Fed in ultra-hawkish mode, who will blink first?


Source: scmp.com scmp.com

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Are the dark clouds hanging over the global economy showing any sign of lifting? The sharp and persistent declines in financial markets over the past two months suggest investors are becoming gloomier about the world. In a marked departure from previous bouts of turmoil, traders are no longer “buying the dip” when markets tumble. Instead, they are selling every rally. Last week, the benchmark S&P 500 equity index suffered its seventh straight week of losses, its most prolonged decline since 2001. A report by JPMorgan published on Wednesday noted that every single major asset class, with the exception of commodities...