(Bloomberg) — Back in the emerging-market heyday, the sudden frenzy that has pushed Chinese equities to a bull run would be big news on Wall Street.
Yet this time round, the stock-market revival in the world’s second-biggest economy has barely registered with US traders, underlining both China’s limited role as an engine for America’s economy and skepticism that Beijing policy makers will be able to fix deep-seated growth woes.
The lack of excitement was palpable in Monday trading. While the CSI 300 Index jumped more than 8%, the S&P 500 slipped before a late-day bounce helped the gauge avoid a US-China divergence that, by one measure, would have been the largest since the 2008 financial crisis. As the Chinese benchmark surged 26% over six sessions, the American index rose by a relatively meager 1%, underscoring how traders in US assets are largely shrugging off the gambling spirits in Asia.
That’s not say foreign investors…
