Why The Time Has Come to Overweight International Stocks

Whatever the exact trigger, the extraordinarily recent sharp appreciation of Taiwan’s currency, the NT dollar, is perhaps the clearest signal yet that the US do... Read More»

US or China – Who has the Stronger Negotiating Position in Trade Talks?

The base case here remains that the US has no leverage over China on the tariff issue, as previously discussed here (see In Tariff Negotiations, Trump Has No Ac... Read More»

The Financial Assets Most at Risk From Trump’s “Bull in a China Shop” Strategy

The 47th president has continued to behave like the proverbial bull in a China shop. This is fundamentally bad for all US financial assets, particularly Trea... Read More»

In Tariff Negotiations, Trump Has No Ace Up His Sleeve

“What’s Trump’s ace up his sleeve? What’s the weapon that he can legitimately use to inflict real pressure on China and push them to the negotiating table with ... Read More»

US Colleges Have a $1 Trillion Illiquid Asset Problem

“Liberation Impoverishment day” on 2 April more than lived up to this writer’s expectations with US$7.4trn wiped off the US stock market and US$12.8trn off worl... Read More»

China Needs America Less Than You Think

Faced with The Donald Trump-triggered tariff war in recent weeks, China has become more focused on stabilizing domestic demand even if it has not been panicked ... Read More»

A Catchup on Japan: Will Outperformance vs the US Continue?

Money markets are still looking for another rate hike in Japan, but rate hike expectations have declined significantly of late given the growing fears of a US d... Read More»

Mar-A-Lago Accord Deep Dive: Implications and Risks

The base case here remains that US stock market capitalisation, relative to world stock market capitalisation, made an all-time peak at the end of last year ami... Read More»

While Tariffs Bite, Inflation and International Stocks Will Keep Rising

The attention continues to shift from DOGE to the tariff threat and deteriorating US economic data. It is worth listing a few of the negative data points aga... Read More»

Chris Wood