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Illustration: Sarah Grillo/Axios
Chinese stocks were crushed last year after the Trump administration announced it would begin putting tariffs on essentially all Chinese imports to the U.S.
Between the lines: Chinese shares were little changed Tuesday. It shows that perhaps investors aren't quite ready to declare China's economy DOA after news Monday night that tariffs would go into effect "the first minute of Friday."
Why it matters: China is now more important to the health of the global economy than the U.S. It's the top trading partner to more countries and with emerging markets driving 60% of global GDP expansion is the engine powering the world's growth.
Catch-up quick: The trade war hit China at a moment of weakness in 2018. The country was attempting to unwind some of its problematic debt and lean into the reorientation of its economy from a goods producing third-world warehouse to a self-sufficient, service industry scion leading in next-generation AI and 5G technology.
The bottom line: China may now be stronger, but the rest of the world is weaker.
What they're saying: James Barrineau, head of emerging markets debt at Schroders, told me last year as the trade war heated up, "If the market were to conclude that trade wars were causing significant stress in an economy of [China's] size I think risk appetite globally would dry up pretty quickly."
After a 30% surge that made the Shanghai Composite Index the best-performing major stock exchange in the world, China's onshore market has stalled out since April.
Where it stands: That pushed Chinese stocks down almost 6% from their April high. Monday's market rout brought losses on the index to 11% from the high, technically marking the start of a correction, according to the South China Morning Post.
Shares of Sinclair Broadcast Group roared an inexplicable 35% on Monday, the biggest one-day gain in 10 years that pushed the stock to a record high. The jump came after the TV broadcasting company's deal to buy 21 regional sports networks from Disney was reported Friday.
Watch this space: The deal got Sinclair a bullish upgrade from B. Riley FBR analyst Zack Silver, but Monday's price action sent share prices well above his $57 price target.
The outlook on Turkey somehow got worse on Monday with the country slipping into dictatorship, under a dictator who doesn't seem to care much for laws or macroeconomics.
What's happening: Turkey's government ordered a do-over of mayoral elections in Istanbul, overturning a win for the opposition against loyalists to President Recep Tayyip Erdogan.
The big picture: The country is now in recession, having completely reversed an incredible economic expansion that had seen significant growth and plummeting unemployment. The country's GDP had grown an average of nearly 7% each quarter since late 2009.
Things will get worse before they get better: Erdogan recently won re-election and has replaced his finance and economic ministers with his son-in-law, Berat Albayrak, who held a meeting investors in attendance called "an absolute shit show" and the worst they'd ever seen during the IMF-World Bank meetings in April.
When Amazon announced its retreat from Queens, New York, amid a backlash from local activists, the Long Island City neighborhood seemed to have lost 25,000 new jobs and billions of dollars in investment.
"It's an Amazon effect," says Jonathan Wasserstrum, CEO of SquareFoot, a commercial real estate company. "A lot of people now get to piggyback on the work that they did."
What's happening: After Amazon's brief recognition made Long Island City an "it" place, it is suddenly a sought-after location with its own, singular cachet.
The big picture: Tech giants like Amazon, Microsoft and Google — magnets for top talent — have turned city after city into superstar tech hubs, beginning in Seattle and Silicon Valley and spreading to Austin and Boston.
But the Long Island City phenomenon suggests something more — that the big companies can anoint outlier neighborhoods, too, even if Big Tech itself does not stay.
And the incoming businesses get to take advantage of some of the same tax incentives that became a rallying cry during the push against Amazon: