by the graph on the right showing that the last hike in the cycle is generally followed by widening credit spreads. Figure 4: NASDAQ 1999.2001 VS Shanghai Comp 2014- 6.000 4.000 2.000 0 Ja 99 Jul 99 Jan 00 Jul 00 Jan 01 —NASDAQ (1999-20011 —Shanghai 12014-) San, Oftacee Bank Ltleerest Flew*, ALP Deuts