Below is a brief excerpt transcribed from today's edition of The Macro Show hosted by CEO Keith McCullough.
It was a bit of a scary surprise if you're one of those investors who still believe that this is going to be “the greatest deal in the history of all deals.”
The Chinese are now saying that there's probably not going to be a long term deal with Trump. They refuse to admit they stole anything from the US, have any human rights violations, or really want as many beans as they say we need.
At the end of the day, the locals know this. It’s not fake news.
Just look at this chart.
The Chinese Stock market has been down 3 of the last 4 days this week. This has been in the face of investors chasing the FOMO into month end of the S&P 500, that darling of indexes (unlike ones like the RUT which down almost 10% YoY).
We’ve seen multiple month end markups like this in April and July, where we see the rest of the world doing the opposite. It’s called a divergence.
Moreover, in China you can look at the global macro data chart to see the PMI number that Telecom and others said “bottomed.” Seriously? It didn’t bottom, it just hit a new low! That’s some #fakenews for you that might give you some scares.