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Tech stocks are what brought the outperformance of US equity markets this year and the Treasury Department is scheduled to propose restrictions on Chinese investments in the US on Friday which may translate into closing the tech sector to Chinese acquisitions in the US. This dampened the sector yesterday with the selling exacerbated by the fact that more than $1bn of fresh money was added to exchanged-traded funds focusing on tech stocks this month, more than any other groups, according to Bloomberg. In the futures market, large speculators last week also boosted their net positions in Nasdaq 100 minis contracts to the highest level since January, CFTC data showed. Pressure on European equity markets remained unabated with European shares standing at the bottom of our Z-score report yesterday ( -3 STD) with pressure coming from renewed trade tensions. On pure valuation grounds some of the German car makers are trading at a deep and probably unjustified discount such as VW with a forward PE of 6.5 and a dividend of 4%. For what it is worth, 2017 US auto sales accounted for about 15% of worldwide Mercedes and BMW brand sales and 5% of VW sales and 12% of Audi sales.  

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