Daily Note – Has Globalisation peaked?


  • China easing, more volatility ahead
  • Eurozone: Where next for the Euro?
  • United States: Data supports positive growth outlook
  • Eurozone: Could the German economy be ‘topping out’?

Good morning,

Chinese equities reversed a weak open during the Asian morning session (SHCOMP up 0.8%), following the PBoC’s 25bp symmetric cut in the benchmark lending and deposit rates as well as a 50bp required reserve ratio cut after Asian markets had closed on Tuesday. Still, with the SHCOMP down more than 15% in the past two days, market sentiment remains dreadful.

I am still not sure whether we are in an Asian Crisis Mark 2. It’s too early to tell, but with world trade recording its biggest contraction since the 2008 financial crisis in the first half of this year, the question is whether globalisation has peaked. If so, then it will be hard to get the growth figures to validate earnings.

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GlobalMacro360 Daliy Note 26th August 2015


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Categories: Daily Note