This chart shows the Trump trade bump has ‘evaporated’ for Chinese stocks: h/t StrategicBond
Jenna Barnard and John Pattulo, portfolio managers at Janus Henderson, say optimism among Chinese investors over a near-term resolution to the U.S.-China trade spat has withered in the span of a few weeks. They point to a chart showing how China’s Shanghai Composite index SHCOMP, +0.02% has wiped out all its gains since President Donald Trump said the U.S. was “very, very close” to a trade deal.
The whole trade talk euphoria/China reflation trade now evaporated per the Shanghai Composite! per Bloomberg, 24/5/19 pic.twitter.com/l3syEZ27pR — Jenna & John May 24, 2019 His optimistic proclamation sent global equities flying higher on Feb. 25, with the Shanghai Composite climbing 5.60% on the day, according to Dow Jones Market Data.But since the Trump administration threatened to raise tariffs on China in early May, prompting retaliatory levies from Beijing, expectations for a resolution to their trade spat have waned.
As much as U.S. markets have reeled from intensifying trade tensions, Chinese equity benchmarks have seen a more painful drop as investors have fled from Chinese stock-market funds. China’s CSI 300 index 000300, +0.28% is down around 8.2% and the Shanghai Composite is down 7.3% in May. This compared with a more subdued loss of around 3.6% in the S&P 500 SPX, +0.14% Still, all three indexes are still sitting on double-digit percentage gains for 2019.Sunny Oh Sunny Oh is a MarketWatch fixed-income reporter based in New York.
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