Investors wary of growing China-US trade tensions

Investors may be shifting their assets to Hong Kong based firms in order to minimise risk of heightened tensions between China and the US, according to Pengana’s Steven Glass. China’s economy is beginning to show signs of recovery after being hit hard by COVID-19, however Beijing is expected to come under more commercial pressure once the investigation into origins of the novel coronavirus begins. Mr Glass told Sky News investors are moving assets away from China in anticipation of US President Donald Trump “ratcheting up pressure” on Beijing as part of his re-election strategy. “In the Pengana fund, we are doing things to minismise risk,” he said. “We shifted some of our investments that are Chinese ADRS, so that is Chinese companies listed in America, if we can rather than invest in their Hong Kong listing, we will.” Via news.com.au — Australia’s #1 news site https://www.news.com.au