-- A rotation into defensive shares coupled with supportive government policies is boosting the appeal of underperforming Chinese health-care stocks.Signs of improving sentiment are emerging after the MSCI China Health Care Index’s 23% slide this year. New measures by Beijing to boost the sector and expectations for Federal Reserve interest-rate cuts provide scope for a rebound as the gauge trades near a record low relative to global peers, according to data compiled by Bloomberg.
“We’re becoming more optimistic on pharma,” Morgan Stanley analysts led by Sean Wu wrote in a note. The broker favors Shanghai United Imaging Healthcare Co. and Shenzhen Mindray Bio-Medical Electronics Co. among medical technology shares for their high sales exposure in equipment replacement. It also prefers Alibaba Health Information Technology Ltd. in the Internet health space.
In addition, Fed policy easing should support the sector as the performance for biotech and health shares are usually inversely related to US rates, according to Deutsche Bank AG. A lack of exposure to blockbuster weight-loss drug producers could also continue to leave China’s health stocks behind overseas peers. Eli Lilly & Co., which sells obesity therapy Zepbound, holds the largest weighting on MSCI’s global health sub-gauge, while maker of hit obesity drug Wegovy, Novo Nordisk A/S, comes third.
A famous geological feature known as the “Toilet Bowl,” or Double Arch, in southern Utah has collapsed, the National Park Service said, with footage showing the aftermath posted on social media.The popular arch in the Glen Canyon National Recreation Area fell Thursday, August 8, and park rangers said they suspected that changing water levels and erosion from waves in Lake Powell contributed to the collapse.
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