So says super bear Albert Edwards:
China is currently another place where there is over-complacency…the worry is that a Chinese policy response will send the global markets into a tailspin, just as the August 2015 devaluation did
…at a time when economic growth is slowing sharply, led by the industrial (secondary) sector (see left-hand chart below). And with export growth to the US only temporarily buoyed to avoid tariff hikes, this slowdown is likely to intensify.
