To borrow surfing lingo, 2018 has been a wipeout for investors. Many asset classes are in negative territory, while even oil’s status as a winner is coming under threat.
On a screen of global equity markets awash with red, China still manages to stand out. The CSI 300 index is down almost a fifth for the year, as Beijing’s efforts to stem shadow financing hit the economy of the world’s most populous country.
That has rippled across other emerging market economies, industrial metals prices and the export-focused eurozone, where data this week showed the economy slowed more than expected last quarter.
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