China's slowing economy will have "negative implications for most commodity prices".
So says Capital Economics. Certainly what seems to be credit squeeze going on in China has already put the reins on property developers.
As Capital points put, it is not just the prospect of trade wars that is hitting metal prices; after all, the Shanghai property index has collapsed of late and that sector faces little challenge from tariffs. It does, however, get bruised when there is a general slowdown.
Bloomberg reports this week that China is zooming to a record year of corporate-bond defaults, with the 2018 total already more than three-quarters of the previous high even before an expected economic slowdown bites.
Chinese companies have reneged on about ...