U.S.-CHINA RIVALRY DRIVING NEW ERA OF DEGLOBALIZATION: WELLS FARGO Wells Fargo says the world economy is fragmenting into rival blocs led by the U.S. and China, marking a “second era of deglobalization.” Cross-bloc trade, capital flows, and financial ties could erode as both nations cut dependencies rather than integrate. Most G10 countries are likely to align with the U.S., while parts of Asia and Africa may lean toward China. Latin America remains split, making it a key arena for influence. Wells Fargo notes bloc formation has been underway for years but full fragmentation is still distant.(*Walter Bloomberg)