Shifts in tones at big banks suggest they are warming up to Chinese equities, especially as the strong returns so far and the fear of missing out on more gains start to apply pressure.
J.P. Morgan Asset Management is in the process of raising allocations to Chinese equities as the government’s dismantling of COVID restrictions puts the economy on a recovery path, while in developed markets like the United States, policies remain tight as central banks try to curb inflation, said Sylvia Sheng, global multi-asset strategist based in Hong Kong.
“Our more bullish view is grounded by the first pro-growth alignment of Covid management, economic policy and regulatory policy in four years,” analysts at Morgan Stanley said in a note upgrading economic forecasts and stock price targets. To be sure, there is caution, hesitancy and less consensus about when and where to invest than a few years ago when investors were piling in to China’s internet giants, she said.
“I think the reopening is happening for real, it is now basically unstoppable,” said Hugues Rialan, chief investment officer for Asia and head of discretionary portfolio management at Pictet Wealth Management.
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