As we learned in 2008, and the Idiocracy has already forgotten - global risk assets are loosely correlated on the way up and 100% correlated on the way down...
CNBC Jan. 21, 2016
Oil/S&P Correlation Is 96%, Highest In Four Years
I have to put this chart up again of Chinese stocks with U.S. stocks, for the benefit of the Goldman Sachs dunce who told Charlie Rose, there's no correlation. To someone who has their head up their own ass, nothing is correlated.
"China's currency is irrelevant"
Yuan (red) with S&P
The term "Globalization" only means cheap junk and *free* trade to the Idiocracy.