1 hr ago – 7.28AM The narrative propelling the global stock rally since mid-March goes like this: The US economy will hold up fine in the face of higher interest rates, and China’s stimulus efforts will help keep that nation’s post-pandemic recovery chugging along. Shrenick Shah, co-manager of the €3.5 billion ($5.7 billion) JPMorgan Global Macro Opportunities Fund, isn’t buying it. Weakness in manufacturing, tightening liquidity and tougher credit conditions all point to a contracting US economy, and optimism about China is unwarranted, he said in an interview last week. Over the past six weeks, the fund has put on...