Bad things do happen to lucky people

The reality is that the US woke up too late to the risk of China usurping them as the key global power. They are now playing catch up. This is all bad for global growth as the underpinnings of global trade are rewritten. Global equities are not priced for this reality. Pressure will also lead to China devaluing the renminbi. Australia looks particularly vulnerable given its pre-existing domestic economic problems. We add a short Australian dollar position versus the Singapore dollar.

To read the full report - Login or Subscribe