As U.S. 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% since Trump entered the White House in January. That compares to an about 9% drop in the S&P 500, which has also shed $4 trillion in market value from record highs last month. Trump’s erratic pronouncement on tariffs and moves to slash federal government spending have challenged assumptions about the appeal of U.S. stocks, which have vastly outperformed most of...