HONG KONG : Investors are waiting for a big burst of stimulus from China before they make more aggressive bets on a recovery, having spent the past few months disappointed by economic data and a lack of meaningful policy response from Beijing.The country's promising recovery early in the year has faltered
HONG KONG : Investors are waiting for a big burst of stimulus from China before they make more aggressive bets on a recovery, having spent the past few months disappointed by economic data and a lack of meaningful policy response from Beijing.
A global fund manager survey by BofA Securities showed shorting Chinese stocks was the second-most"crowded" trade in June, after going long on big tech. The yuan plumbed seven-month lows after a smaller-than-expected interest rate cut raised doubts whether policymakers would act forcefully enough to support the economy.
"But the point is the policy signal. With increasingly more policy measures, hopefully they can turn around this very cautious sentiment.""I can't believe that there is anymore bad news to absorb," said Andy Maynard, head of equities at China Renaissance. Wall Street banks have cut their 2023 growth forecasts, with projections now in a range from 5.1 per cent to 5.7 per cent, as expectations for 6 per cent and above fall by the wayside.Morgan Stanley said the MSCI China index trades at an attractive 12-month forward price-to-earnings ratio of 9.3 - a rare 20 per cent discount to the broader MSCI emerging markets index.
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