Traders are betting that the reopening rally for Chinese equities has further to run.
| Global investors have snapped up a record $US21 billion worth of Chinese equities this year, as robust economic data spurs traders to make larger bets that the reopening rally has further to run.
Analysts said the recent surge in foreign demand for China stocks was driven by positive economic data published after the lunar new year holiday, which had helped reassure some investors who had remained skittish about the country’s growth outlook even after it began dropping“It’s spectacular compared to any other year since the launch of the connect,” said Frank Benzimra, head of Asia equity strategy at Société Générale.
“Economic data and developments in the past week have underscored our positive outlook on China,” said Mark Haefele, chief investment officer for global wealth management at UBS, in a note this week. “When everybody said they’d like to have a portfolio without China, that was the bottom,” said Alison Shimada at Allspring Global Investments. She said Allspring was now “a little overweight” on Chinese equities after increasing its allocation on October 31 – a view that was “not popular at the time”.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nasdaq’s 2023 ‘junk rally’ flies in the face of risky backdrop“This is massive speculation, and it is going to burn itself out quickly,” SEI Investments Jim Smigiel says.
Read more »
Property values predicted to see major price fall in 2023REA Group’s Cameron Kusher has discussed why people are predicting significant price falls on housing properties across the country in 2023. “The reason why we’re expecting larger price falls … is the differential between the cost of renting and the cost of servicing a mortgage in those cities is much wider,” Mr Kusher told Sky News host Chris Kenny. “Most of those cities have seen relatively stronger price growths either through the pandemic … or over recent years. “It’s a case of what goes up while interest rates are coming down reverses when interest rates go up, and that’s what we are expecting to see this year.”
Read more »
Oil rallies as traders eye China’s reopening boomOil prices jumped by the most in three months as Saudi Arabia lifted prices for shipments to Asia in anticipation of a rebound in Chinese demand.
Read more »
Chinese firm launches ChatGPT-style AI botShares in Baidu soared on Tuesday, after the Chinese search engine giant said it would be launching its own ChatGPT-style service.
Read more »
Chinese spy balloon seen above Hawaii and Florida in 2019, report saysAir force report details balloon while Pentagon officials say China had sent three over the US during Trump’s time in office
Read more »
US Navy releases first images of work to recover downed Chinese spy balloonUsing underwater drones, warships and inflatable vessels, the US Navy is carrying out an extensive operation to gather all of the pieces of the downed Chinese spy balloon.
Read more »