Wall Street investment banks cut China forecasts

LONDON : Wall Street banks Goldman Sachs, JPMorgan and Morgan Stanley all cut their China growth forecasts on Monday after the country reported lower than expected import and export numbers and on concerns that the resurgent coronavirus would crimp economic activity.

JPMorgan reduced its quarter-on-quarter growth estimate for the third quarter to 2.0per cent from 4.3per cent and trimmed its full-year forecast to 8.9per cent from 9.1per cent. Morgan Stanley lowered its quarterly growth forecast to 1.6per cent from while Goldman cut its estimate to 2.3per cent from 5.8per cent and to 8.3per cent versus 8.6per cent for the full year.

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