SINGAPORE (Jan 14): It is increasingly clear that the “America First” policies pursued by US President Donald Trump last year seem to be aimed at creating a bipolar financial world, with China at one end and the US at the other. For investors, this signals more market volatility in 2019 with extreme swings.

One consequence will be smaller financial flows between China and the US. The downgrade in Apple’s results is just the first precursor to this ongoing impact. Investors can expect more China-related revenue shocks to US companies over the coming months of the reporting season.

Another consequence is an increased effort from Beijing to challe

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