* China-style margin call could be lurking given the massive amount of leverage Western Brokers have been handing their HNW clients; * Technology shares could be the impetus without catalysts beyond the well-priced for iPhone8 replacement cycle; and * Without many engines of growth remaining for the Western brokers beyond “margin finance”, there are very few reasons to own the space. Over a three week period in June 2015, the Chinese A-share market collapsed by about 30% - having...(continued)

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