Isn’t it the damndest thing. I drove to work today and the “V-Shaped” recovery had quite literally, nobody on the road.
That notwithstanding you can be rest assured that Asia has turned into a sh*t show.
What you had in Asia last night is the Hang Sang continuing to crash. Obviously we have the Hong Kong protests meet the CCP and the Chinese say to Trump “You know what, we’re going to do what we damn well please.”
Look at the chart below. This is a bear market and it has been for a long time. We’ve been bearish on Asia, Europe, and Emerging Markets going back all the way to 2018.
So when you’re thinking about my staying power, when indeed I’m bearish on things. That’s pretty easy to do. It just takes time and space.
The South Koreans last night cut interest rates, devalued the Yuan, but it didn’t work and stocks didn’t go up.
Ask Japan. It was a pretty ugly session I might add given that you had U.S. Equity FOMO.