Chinese Stocks at 4-year Lows | Who Loses from a Trade War Global markets were mixed on Friday, as the US S&P 500 and Dow touched record highs, capping a week that largely shrugged off trade worries. The key event to watch this week is US Federal Reserve's two-day policy meeting which will conclude Thursday morning AU/NZ time.  Last week the US finally imposed additional tariffs against China, bringing an end to weeks of uncertainty. The tariffs were actually lower than expected (10% instead of 25%), and markets rallied, indicating to us that “peak fear” around trade disputes may already be priced in the market.  China’s response was also not as bad as feared, with China hitting another $60 billion of US imports in a tit-for-tat move.     Stock in Focus: Shanghai Composite (China Market Index) As we have discussed previously, we believe China has the most to lose from an all-out trade war, and to date the Chinese market has been hit hard. Many markets are at all-time highs such as the US and NZ...