Two national events were celebrated in the past week. The first was the 100th anniversary of the Communist Party of China on July 1. The second was the July 4 Independence Day in the US.

The global reactions to these two events were quite different. These reactions also confirm a shift in the global narrative that bodes an illwind for investment choices.

On July 1, Chinese President Xi Jinping delivered several defiantly long speeches, which were seen in the Western media as evidence of a hard-line stance.

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