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Morgan Stanley boosted its view on China equities Monday and continues to favor rising markets over developed markets.
Strategist Jonathan Garner upgraded China (NASDAQ:MCHI) (FXI) to Chubby from Equal Weight, becoming a member of North Asia Overweights Korea, Taiwan and standalone Japan.
Morgan Stanley additionally raised its base case goal for the MSCI EM index (EEM) by 10% to 1,100.
“We see a number of catalyst inflections to warrant an improve at this level,” Garner stated in an investor presentation. These embrace liquidity, the coverage cycle, the development within the yuan (FXC) vs. the U.S. greenback (DXY) and regulation and coverage priorities.
We “count on a gentle decline from right here in Covid restrictions in China; additional potential declines can be vital to our obese name on China,” Garner added.
“For markets, the brand new vaccine mandate is a key tactical purchase sign for China equities,” T.S. Lombard strategists stated. “However the dire macro backdrop means we keep a impartial stance on FX and desire for bear steepening of charges.”
“The tip of zero covid is an more and more crowded commerce,” they added. “Quite than chasing reopening themes, early positioning for the publish covid financial system could also be a greater guess.”
“For equities we like coverage favored tech {hardware}. We count on Beijing to double down on its coverage push and supply the political impetus for China tech {hardware} outperformance.”
SA contributor The Fortune Teller not too long ago regarded for purchasing alternatives in China ETFs.
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