It’s been nearly a decade since the nadir of the global financial crisis. Courtesy of a broad-based upswing for most of the years since, the big picture for picking up assets on the cheap is one of scarcity. In relative terms, bargains can be found, of course. Comparing stocks in emerging markets to US equities, for example, is a study in contrasts on a year-to-date basis, based on a set of exchange-traded funds: Vanguard Total Stock Market (VTI), a US proxy, is up 8.3% so far in 2018 through August 20 vs. an 8.8% slide in Vanguard FTSE Emerging Markets (VWO). But finding value in something approximating clear and ambiguous absolute terms beyond recent history is a tougher challenge.
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US business leaders warn that more China sanctions will be painful: NY Times
New Russian hacking efforts targeting Senate, conservative think tanks: CNN
Malaysian prime minister cancels China-backed infrastructure projects: Reuters
Fed’s plan for more rate hikes faces challenges from foreign risks: Reuters
Trump complains about Fed’s rate hikes at fund-raising event: Bloomberg
10yr-2yr Treasury yield spread falls to new post-recession low of 22 basis points: