China's stock market lost 87% of foreign imvestment last year. In one year! That's a clear sign that the USA will be the safe haven (again) when there'll be a bigger crisis. Europe doesn't play any role in this geopolitical match.
https://dailycaller.com/2024/01/03/foreign-investors-fled-china-december-ailing-economy/
We've definitely noticed some falling prices in the past couple of weeks. I don't know yet if that's just a post holiday blip or a result of the dollar strengthening, though.