Quote of the Day

With regard to the possibility of a near-term trade deal with China, I posed the following question (among others) in a post yesterday:

“Is the global economic damage already done sufficiently reparable to — in the near-term — stave off the next downturn?”

Here’s from Daiwa’s chief equity strategist last night:

“The damage … to some degree, has been done … generically in the trade war and the trade cycle.”

“Global trade volumes year-on-year, have (in) three consecutive months year-on-year, declined. That’s the first time since the global financial crisis, Paul Kitney, chief equity strategist of Asia Pacific research at Daiwa Capital Markets, told CNBC’s “Squawk Box” on Thursday. “It’s huge news, just as important as the inverted yield curve in the United States, in my opinion.”

“That slowdown in the global tradable goods market is negative for the big tradeable goods exporters. Germany, Japan, Korea, Taiwan, China,” he added.


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