This is a topic that has been discussed often recently, but it’s worth highlighting it again — US equities have been crushing Chinese equities.  Below we show the performance of the S&P 500 versus the Shanghai Composite since President Trump was elected in November 2016.  As of yesterday, the S&P was up 35.4%, while the Shanghai Composite was down 11.7%.

While the US has led China throughout Trump’s entire term thus far, we’ve seen significant divergence since the US/China trade battle really began to heat up earlier this year.  As US equities have rallied over the last few months, Chinese equities have fallen lower and lower.

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