China's economy is set to reopen in a few days and one major Wall Street firm has boiled down the likely impact on financial markets.
China, the world’s second-largest economy behind the U.S., is set to reopen in just a few days and one major Wall Street firm has boiled down the likely impact on financial markets. In a note released on Friday, Dominic Wilson and Vickie Chang of Goldman Sachs produced a chart in which they lay out all the ways in which currencies, equities and the bond market could react. In particular, they see the likelihood that China’s faster-than-expected Jan.
“There... China, the world’s second-largest economy behind the U.S., is set to reopen in just a few days and one major Wall Street firm has boiled down the likely impact on financial markets. In a note released on Friday, Dominic Wilson and Vickie Chang of Goldman Sachs produced a chart in which they lay out all the ways in which currencies, equities and the bond market could react. In particular, they see the likelihood that China’s faster-than-expected Jan. 8 reopening will lead to a weaker greenback relative to commodity-linked currencies, to rising copper and crude oil prices, and to somewhat higher Treasury yields.
“There is still room for China-sensitive assets to move further so long as the path to reopening remains clear. China/EM [emerging-market] equities, copper, and commodity-linked FX still broadly appear to be the biggest beneficiaries,” they wrote. “The shifting correlation patterns from a response to China reopening—potentially higher DM [developed-market] yields alongside a weaker USD [U.S.
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