Nancy Pelosi’s Taiwan Gambit Reshapes Political Risk in Asia

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Nancy Pelosi, the speaker of the U.S. Home, has come and gone in Taiwan. In her wake have come missile flyovers, sufficient dialogue to briefly crash China’s Twitter-like microblogging service Weibo, the largest Chinese military exercises near the Taiwan Strait in many years—and for these on the island, a surreal sense of life largely occurring.

Markets reacted strongly however not catastrophically. U.S. 10-year Treasury yields fell to a four-month low forward of Mrs. Pelosi’s arrival as traders fled for security—after which jumped again after her aircraft landed with out incident. Taiwan’s primary inventory index, after a precipitous drop Tuesday, has since clawed again all that floor. Shares of Semiconductor Manufacturing Worldwide Corp China’s chip manufacturing nationwide champion, which additionally dropped forward of the go to, have gained 15% since her aircraft landed and China introduced its army drills. The S&P Protection and Aerospace Choose Index is up 9% since July 18, when information of Mrs. Pelosi’s deliberate journey first broke, outpacing the S&P 500’s 8% acquire.

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