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Investment banks including Goldman Sachs, UBS and BNP have become more positive on Chinese stocks, with foreign selling having subsided. But the property crisis, deflationary risks and tepid consumer demand mean global investors are yet to go all ‘all in’. ....
Technical factors, like the unwinding of the ‘Asia ex-China’ trade, seem to be driving Hong Kong’s stock rally, as opposed to underlying fundamentals. In the longer run, the narrative around China’s economy and markets has to brighten considerably if Hong Kong stocks are to continue their recovery. ....
Goldman says Chinese stocks may rise 40 per cent amid ‘more conducive trading environment’ in near term, while UBS raises ratings on Chinese and Hong Kong stocks to overweight. ....
‘There is an increasing demand for diversification from domestic Chinese customers,’ says Joseph Pinto, CEO of London-based money manager M&G Investments. ....
China’s stock market divided global funds last quarter, according to 13F filings. Bridgewater pared more of its holdings, while Temasek and PIF stayed the course. Michael Burry’s Scion topped up bets on Alibaba and JD.com. ....