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Regions accounting for 70pc of Chinese GDP are rationing power to industrial users

It is puzzling that global markets have been so insouciant about a power crisis in Asia’s anchor economy.

The slowdown is happening just as fiscal stimulus fades in Europe and America, and as Western central banks start to tighten in the face of incipient stagflation and a rapidly rising misery index.

What can possibly go wrong in global equity markets still at nosebleed P/E ratios? 

While this column does not give investment advice, as a personal precaution I have liquidated most of my modest salaryman’s portfolio and intend to ride out the early autumn with 80pc in cash until risk and reward come back into plausible alignment.

Ambrose Evans-Pritchard Telegraph 28 September 2021

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