Global equity markets have regained their poise even though trade negotiations between the US and China recently hit a deadlock. Our China Exposure Index weights together US listed-firms that derive a large proportion of their revenue from China and would therefore be most sensitive to retaliatory sanctions in a trade war. On 29 March we highlighted that investors in these firms did not seem to be overly concerned about a deterioration in US–Sino relations — since then, the CEI dropped six points before steadying last week. Refresh the chart in your browser | Edit chart in Datastream The strong dollar and the

Last week Fathom’s proprietary China Exposure Index (CEI) reached its highest level since the US presidential election. The index is a gauge of the relative share price performance of US-listed firms that have significant exposure to China. The pick-up last week seems to be due to comments from Alibaba founder Jack Ma, who wants to sell more US-made products in China, and to well-received results from one of the CEI’s major constituents; the announcement of a trade deal between the US and China, which contained very little that was new or substantive, had almost no impact. The bigger picture is