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Trade war, rising oil prices an ugly combination, says Nomura

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Slowing China growth, global trade war and high oil prices is an ugly combination, according to Rob Subbaraman, head of emerging markets economics at Nomura.

Slowing China growth, global trade war and rising oil prices is an ugly combination, according to Rob Subbaraman, head of emerging markets economics at Nomura.
“Asia has developed a lot of debt. As this normalization happens, it’s putting pressure on Asia, we have seen it and that’s not enough we now also have China growth slowing, trade protectionism and pretty high oil prices. It’s a pretty ugly combination,” Subbaraman told CNBC-TV18 on Tuesday.
Subbaraman said that trade protectionism gets so much talked about but the reality is that the US Federal Reserve and the developed economies are normalizing monetary policy.
“It’s not just Fed rate hikes, also quantitative easing is going to end. It’s going to turn to quantitative tightening next quarter,” he added.