Collateral damage spreads in US

After the conclusion of an important meeting of the Communist Party of China Central Committee, the participants said China seeks to make its fiscal policy more effective and maintain "reasonably ample" liquidity. And instead of resorting to a stimulus in the real estate market, China will lay emphasis on "proactive fiscal policy and prudent monetary policy".

It is a challenging balancing act, but the right stance at the right time.

Meanwhile, White House pledged to impose an additional 10 percent tariff on Chinese imports to the US, which caused US stocks to tank 280 points. The White House needs a scapegoat as the Fed cuts cannot offset Trump's tweet policies, US growth is slowing and a slowdown is looming in 2020.