Macro Markets Recap Post Thanksgiving 2019
Hi all, It's been a busy week of news and data this Thanksgiving holiday. Most notably, we saw the signing of the Hong Kong Human Rights and Democracy Act almost unanimously in Congress. The worry here is that it'll lead to retaliation ahead of the critical December 15th deadline for some resolution to the Phase 1 deal on trade. As a result, we've seen a broad selloff in risk assets across the world. But what exactly are the intermediate term implications of this act? Upon further examination, it would seem that it is not as biting as it would first appear which could afford an opportunity to fade a lot of the moves we have seen over the past week. This is because what it specifically accomplishes is that it requires Require the Secretary of State to issue an annual certification of Hong Kong’s autonomy to justify special treatment afforded to Hong Kong by the U.S. Hong Kong Policy Act of 1992 Require the President to identify, and impose sanctions against, persons r...