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It’s a Chinese property owner that’s in distress, but the shares of American social media and auction companies are tumbling. The chain reaction may say more about the extreme altitude of global risk assets than it does about economic contagion.

While it doesn’t require excessive sleuthing to understand why commodity and bank stocks are quaking in the vortex surrounding Evergrande, the link with a stock like Twitter Inc. or EBay Inc. is harder to see.

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