Gray-Zone Presence Persists
−0.4%
Beijing continues to rotate destroyers, frigates, coast guard ships and maritime militia near Taiwan without crossing into a blockade or direct clash. This is the most likely path because it advances China’s normalization strategy while limiting the immediate risk of U.S. or Japanese intervention.
What it moves
- Technology−0.6%
- Industrials+0.5%
- Market volatility
- Riskier companies' borrowing costs
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