JPMorgan on Wednesday was the latest firm to downgrade its opinion on Chinese stocks to neutral from overweight, "due to a challenging outlook," a team led by emerging markets equity strategist Pedro Martins said. Instead, JPMorgan increased its overweight recommendations on other emerging markets. Even after the change, JPMorgan still holds 18 China stocks in its global emerging markets model portfolio.
U.S.-China relations have stabilized in the last year, but analysts cite uncertainty around the U.S. presidential election in November as a reason why Beijing has held off on domestic stimulus. U.S. national security advisor Jake Sullivan visited Beijing in late August for three days of official meetings during which he said Vice President Kamala Harris shared President Joe Biden's view that maintaining high-level communication is the way to responsibly manage the bilateral relationship .
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