Morgan Stanley picks China, Singapore stocks as virus shelters

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The coronavirus-wrecked equity markets of China, Singapore and Australia can now provide shelter from the outbreak, according to Morgan Stanley. YahooFinance

The investment bank upgraded stocks of the three nations in its model allocation for Asia Pacific and emerging markets on Sunday, citing expectations of further policy stimulus amid the widening public health emergency and cheaper relative valuations.

“We move to overweight on China and Singapore, equal-weight on Australia for relative resilience,” strategists including Jonathan Garner wrote in a note dated Sunday. The bank is “boosting positions for defence/quality and incrementally for stimulus beneficiaries,” according to the note.

 

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