So much for synchronised global economic growth. While the US surges ahead with the help of Donald Trump’s pro-cyclical fiscal boost, the eurozone is slowing, with conspicuously weak data on retail sales and, significantly, car sales. As the European Central Bank scales down its asset buying programme, purchasing managers’ indices are heading downwards. Meantime China is afflicted with weaker consumption growth. Weakness is also apparent in Chinese credit markets, construction and housing. Investors are understandably worried about a less robust outlook for global growth and the risk that the Trump administration will precipitate a full-scale trade war. The resulting flight to quality has caused the dollar to appreciate as capital flees from emerging markets that are particularly vulnerable to trade hostilities. A notably striking change of trend has occurred in China, where the Institute of International Finance, an industry association that tracks cross-border capital flows, estim...

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