As US President Donald Trump’s wide-ranging trade war rouses fears of recession, global investors have found an unlikely new sanctuary: Chinese equities. Hong Kong’s benchmark Hang Seng Index — where many major Chinese companies are listed — is up 17 per cent since Trump entered the White House in January. That compares to an about 9 per cent drop in the S&P 500, which has also shed $4 trillion in market value from record highs last month.