- Shanghai is the worst performing of the world's equity markets since peaking in January, and it could remain under pressure until trade tensions ease up.
- U.S. tariffs on $34 billion in Chinese goods went into effect Friday, and China retaliated with its own tariffs right away.
- Wells Fargo strategists give chances for a full blown trade war about 10 percent odds, but the chances are only about 10 percent the trade wars will go away quickly.
- The most likely scenario is a drawn out negotiations that will have moments of drama and continue to create volatility for stocks, they said.
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