The bull market’s foundations may be cracking as threats grow

will slow global economic growth, hitting an already-slowing Chinese economy particularly hard, and bake in higher rates of inflation.

There have been outbreaks of the Delta mutation of the coronavirus at ports, a shortage of shipping capacity and a dire shortage of containers, along with land transport and parcel delivery systems that have been stretched to breaking point by the extent to which demand has been swollen by the pandemic.

Facebook shares have slumped almost 13 per cent amid the revelations of the way it operates by a whistleblower, dragging the tech sector down with it and increasing the pre-existing risk that the US Congress will toughen regulation of the big tech companies.They have the resources to sort it out but property and the leverage associated with it have been the engines of China’s economy for decades. With the sector teetering the authorities will be challenged to sustain growth.

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