There's one bright spot, according to the co-head of asset allocation at UBS Global Wealth Management's Chief Investment Office, Adrian Zuercher, who remains bullish on Asia.
"We are overweight Asian ex-Japan equities at this point," Zuercher told CNBC's "Street Signs" on Wednesday. "I think for us, that's the only region that will have positive earnings growth this year and also next year, double digit earnings growth." Zuercher's comments came as global markets saw a strong rally in recent days, with positive momentum building over developments such as the easing of lockdown measures that left global economies at a virtual standstill.
Since the start of June, the MSCI Asia ex-Japan index has jumped 6.07%, according to data from Refinitiv Eikon. Still, it has struggled to reclaim earlier highs, with the index more than 8% lower on a year-to-date basis.
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