Global Courant
Investment strategy: MXN/KRW close but stick to oil and gold
David Woo writes that the People’s Bank of China surprised the market by cutting interest rates by 10 basis points, signaling a potential stimulus package and reaffirming China’s monetary policy independence from the US. Meanwhile, tensions in Ukraine could benefit long positions in oil and gold as the conflict escalates.
The US makes an offer to China it cannot understand
David Goldman and Uwe Parpart note that while US Secretary of State Antony Blinken’s planned visit to China remains uncertain, tensions between the US and China continue as the US grants exemptions to South Korean and Taiwanese chipmakers to open manufacturing plants in China. which highlights the difficulties of isolating China from high-tech goods.
Ukrainian offensive stumbles while Russian defense remains strong, raising questions for NATO summit
James Davis notes that the Ukrainian offensive against Russian forces faces major challenges due to a scattered approach and underestimation of Russian preparedness. Tension and uncertainty are mounting as NATO debates security guarantees for Ukrainian and Russian forces awaiting a chance to launch their own counter-offensive.
The limits of sanctions against China
Scott Foster analyzes the limits of the US government’s ability to interfere with semiconductor companies in China after the exemption for top semiconductor manufacturers from South Korea and Taiwan was extended indefinitely. Others, such as investment fund Sequoia Capital, are nevertheless taking steps to reduce political risk.
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