No matter how miserable 2022 was for investors of all sorts, they could have undone all manners of sin with one simple move — going long Chinese stocks in late October.
Mark Haefele, chief investment officer at UBS Global Wealth Management, says China’s unexpectedly rapid dismantling of COVID restrictions is paving the way for a faster-than-anticipated economic reopening. UBS has upgraded Chinese equities to “most preferred” in Asia, at the expense of South Korea, and says select companies in the consumer, internet, pharmaceutical, medical equipment, transportation, capital goods and materials sectors are likely to see more front-loaded returns.
The Morgan Stanley team also expect countercyclical easing to remain in place in the first half, and even the beleaguered housing sector to see sales turn positive in the early second quarter. “In the latter regard, we would note internally on this occasion of the Party Congress, measures to support the property sector and a more relaxed approach to private sector regulation,” they say. “Externally we would highlight the appointment of China’s former ambassador to the U.S. as foreign minister and a more conciliatory tone in general from the China side in relation to trade and non-trade disputes with foreign powers.
artificial pumps before the great drop.
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