The strategist — who has held on to his bearish outlook this year even as equities rallied — said a further spike in Treasury yields and a weakening Chinese yuan could push the S&P 500 to 4,200 points — nearly 4% lower than current levels.
Global markets have been roiled this week on growing concerns about the health of China’s property market and its impact on the broader economy. The US Treasury yield surged to its highest since before the global financial crisis, while China has escalated support for the embattled yuan, only to see it sinking toward multi-year lows.
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