Asian stocks enter bull market as investors bet on China | CNN Business

. Investors have been cheered by China’s pivot away from its zero-Covid policy, the ending of its crackdown on tech companies and Beijing’s renewed commitment to growing the world’s second biggest economy. The MSCI Asia Pacific index, which excludes Japanese companies, jumped 2.5% during Tuesday trading to close the day at 535.69 points. That’s up 24.6% since its most recent low on October 24. A bull market is typically defined as a rise of 20% above recent lows.

Analysts at Morgan Stanley said in a Tuesday note that the bank had raised its share price targets for Chinese companies and “expect[s] China to top global equity market performance in 2023.” China is now focused firmly on growing its economy, following a year of Covid lockdowns that depressed demand and a debt crisis in its mammoth real estate sector. Most economists expect the country’s GDP to rebound in the second quarter of 2023 after a sluggish start.

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