Credit Suisse: Sell miners on EM hard landing

Thursday, 28 June 2018

Via Damien Boey of Credit Suisse today:

Resources caught in the emerging market crunch
Overnight, we published an article (attached) explaining why we are negative on resources exposures. Commonly followed arguments are that:

1. News flow on trade wars is weighing on sentiment towards emerging markets. Trump tariffs potentially could amount to 7% of Chinese exports to the US – a non-trivial amount considering that exports are only growing at 11% annualized.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.