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.
Luxury retail isn’t what it used to be, from Barcelona to Hong Kong.
“Some forced selling is highly likely.”
Trading of Luckin shares now halted. Wall Street banks, which get big-fat fees, are all too happy to sell this stuff to the American public.
The situation is very fluid.
Sales at luxury goods stores, once the largest category, collapsed by 86% since their peak in 2013-2014.