-- UBS Group AG raised its recommendation on a key Chinese stock index to overweight in a rare upgrade call this year, underscoring the tentative optimism that the market is finally on the mend.“The largest stocks in the China index have been generally fine on earnings and fundamentals,” strategists including Sunil Tirumalai wrote in a Tuesday note.
The reservations are likely due to caution from misplaced calls during the late 2022 reopening frenzy. Most Wall Street banks had turned bullish back then, only to be wrong-footed as the rally fast lost momentum. Morgan Stanley and UBS were among those to downgrade the nation’s shares to neutral in August 2023 as a selloff extended. Since then, the MSCI gauge lost roughly 20% of its value through the January low.
UBS noted how despite a weak property market, earnings have held up. Liquor maker Kweichow Moutai Co. reported higher-than-expected earnings for 2023. Delivery giant Meituan’s fourth-quarter revenue and net income beat estimates. SACRAMENTO, Calif. — California lawmakers on Monday rejected a proposal aimed at cracking down on how some of the nation's largest utilities spend customers' money. California's investor-owned utilities can't use money from customers to pay for things like advertising their brand or lobbying for legislation. Instead, they’re supposed to use money from private investors to pay for those things. Consumer groups say utilities are finding ways around those rules.
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