An increasingly important question, because someone always has to buy this debt – and it’s not just the Fed. But the share of foreign holders is waning.
While US Farmers Struggle to Find Empty Containers for Exports.
Another 34% markdown. The haste with which creditors want to execute the sale adds to the gloom.
As so often, this started well before Covid, but Covid is speeding up the process.
Sense of Foreboding in Hong Kong. Beijing’s black-box approach doesn’t bode well for local freedoms.
But the downturn in the goods-based sectors started in 2018. US exports are now down 37% from that peak, imports down 25%.
Other places so dependent on tourism face a similar fiasco. But Macau had already been badly hit by China’s crackdown on corruption and capital flight.
Never let a good crisis go to waste. US production, 4th in the world, plunged 32% in April. India’s production, normally in 2nd place, collapsed 64%.
Beijing squeezes, and HSBC knows where it makes most of its money. Standard Chartered, another UK bank, did the same.
The most important source of inbound investment — mainland China — has vanished, with huge ramifications for CRE.