A summit of European leaders this week is likely to focus on the EU-China trade relationship, says Dr. Jacky Tang, the Private Bank’s CIO for emerging markets. “Europe is becoming more cautious about China. But that's also different from saying that it wants to walk away completely,” Jacky says. “A big part of the tension comes from the trade imbalance. Europe's trade deficit with China is enormous, and European policymakers are increasingly under pressure.”
Meanwhile, elevated crude prices are lingering amid attacks on tankers in the Persian Gulf, but Jacky says that consumers are really feeling those higher costs when it comes to refined products, like gasoline, and natural gas. “Just because crude prices stop rising doesn't necessarily mean you are immediately paying less at the pump. The refining bottleneck can keep prices elevated for longer,” Jacky says. That dynamic is likely to keep markets focused on inflation figures expected around the world this week.
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