Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
Real-time insight on key fixed income and fx markets.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
CHINA STOCKS: Morgan Stanley note that "a Chinese equity bull market is building
with rising volumes amid improved earnings visibility & liquidity, plus
regulatory/policy support. We raise targets for indices & still exp. A-shares to
outperform. Our new June 2021 targets: CSI 300 - 5,360 (+15% upside), MSCI China
- 103 (+8%). Our earnings growth forecasts for '20 & '21 rise marginally.
- Global EM investors' underweight position in Chinese equities has narrowed
(now 100bp underweight). We see that continuing because of China's relative
macro performance & the sectoral skew in MSCI China (and increasingly, A-shares)
to the New Economy (Consumer, Tech, Communications Services, and Healthcare).
- A-shares are benefiting from strong new fund launches and rising retail
investor account openings in the context of regulatory support and an ongoing
market reform push. The expected marginal weakening trajectory of USD/CNY also
supports a preference for A-shares to cushion negative translational effect.
- Our proprietary A-share sentiment indicator showed its largest 1-week rise
ever last week & its 3rd-largest daily increase on Jul 6. However, its 65%
reading is still below levels associated with unsustainable investor euphoria."