Health care has been the worst-returning sector in China since the peak of the market last year. Behind this decline has been geopolitical tensions, macroeconomic risks and domestic policy. Long term, the outlook is still encouraging, however, with demographics supporting
While recession risk is clearly elevated around the world, they are notoriously hard to predict with any accuracy, in terms of timing, duration or impact. Rather than forecasting exactly when global markets might fall into recession this time, the following
Key takeaways Chinese equities have had a volatile 2022 so far as the country has had to navigate COVID-19 restrictions, property debt concerns and supply chain constraints among many other headwinds China is becoming an increasingly selective market that requires
As difficult as Chinese equities have been over the past year, weakness in the health care sector has been notable. While President Biden’s announcement of a plan to boost US biomanufacturing sent shares of Chinese health care companies tumbling over
With the book now closed on the 20th Congress of the Chinese Communist Party (CCP), market watchers are busy analysing the various personnel and policy developments as they try to plot the next five years and beyond for …
As difficult as Chinese equities have been over the past year, weakness in the health care sector has been notable. While President Biden’s announcement of a plan to boost US biomanufacturing sent shares of Chinese health care companies tumbling over
Key takeaways Chinese equities have had a volatile 2022 so far as the country has had to navigate COVID-19 restrictions, property debt concerns and supply chain constraints among many other headwinds China is becoming an increasingly selective market that requires
On August 26, 2022, the Securities and Exchange Commission (SEC), Public Company Accounting Oversight Board (PCAOB), the China Securities Regulatory Commission (CSRC), and the Ministry of Finance announced the signing of a Statement of Protocol, allowing the PCAOB to conduct
China’s ascension over the past twenty years to the second largest economy in the world has changed the global landscape in a variety of ways. As China’s economic size and market capitalization grows, many investors have reasonably been pondering how
De groeiende sector van hernieuwbare energie in China biedt sterke groeivooruitzichten omdat het land ambitieuze nettonuldoelstellingen stelt. Van luchtvervuiling en stijgende zeespiegels tot bodemverontreiniging en waterschaarste, China, 's werelds grootste uitstoter van broeikasgassen, kampt met …
China’s once-in-a-decade census revealed some interesting demographic issues. The country has 264 million people aged 60 and above, which equates to 18.7% of the population, considerably higher than 13% in 2010. The 12 million births …
China has once again captured the attention of investors seeking shelter from unprecedented global policy tightening. This is understandable, as the country was first in, first out of the Covid pandemic and remains ahead of the curve in terms of
Valuations were simply not sustainable The first half of 2022 was anything but pleasant for investors, especially those with exposure to the technology sector. Tech stocks across global markets experienced violent sell-offs, and tech indexes are now firmly in bear
While some of the risk factors we spoke about last month – OPEC’s lack of cooperation and China’s lockdowns – have eased somewhat in recent weeks, growth and inflation concerns have continued to pile up, challenging policymakers and investors. The
Global economy is slowing, due to the fallout from the Russia-Ukraine war, supply bottlenecks and China’s zero-tolerance Covid-19 policy. CBs will tighten financial conditions to tame persistent inflation. A global recession is not our main scenario, but there are areas
Key Takeaways: The equity correction is likely over as recession is not 12 months away. Nominal growth remains extraordinarily high relative to Fed hawkishness. The US central bank remains “behind the curve” despite flagging 200bps of hikes by year end.
For the past couple of decades, China has been the driver of the health of the global metals industry as it accounts for roughly 50% of demand for a number of metals commodities. More recently, two other factors have driven
Global growth is likely to slow alongside increasing geopolitical risk and uncertainty, tighter monetary policy, and a slowing Chinese economy. There is also a greater risk that inflation will remain higher for longer, given supply chain ….
Chinese equities have recently outperformed other regions (while bonds have done the reverse). We ask whether this is a dead-cat bounce or the start of a new trend. There are many worries about Chinese stocks but we suspect a lot
We are witnessing significant divergences in the economic outlook (we have revised down the EU and Chinese economic outlooks vs. the more resilient US economy) and in market performances. In particular: (1) Inflation expectations – short-term peak vs. long-term rise:
After battling through negative headlines, China’s internet companies saw some reprieve from a sentiment perspective in March after Vice Premier Liu He suggested that the latest regulatory cycle had come to an end and that China’s regulators were making good
2022 long-term expected returns for capital markets Balanced return: We forecast a traditional balanced fund (60% equities / 40% bonds with a home bias) to return somewhere close to 4%, or roughly 2.0% in real terms. The lower-than-historical return can
Equity Perspectives: Janus Henderson provides an active approach to equity investing. The equities platform is shaped by the belief that fundamental research is the foundation for delivering long-term, risk-adjusted returns to help clients achieve their financial goals. Independent thought and
Asia Macro: On March 27, Chinese authorities ordered a citywide lockdown in Shanghai. The lockdown was originally intended to take place in two phases, lasting eight days. However, things did not pan out this way. On April 9, the central
Despite well-publicised moves to restructure its economy over the past few years, China remains a key investment destination due to the attraction of its enormous domestic market. And as the world’s second-largest economy, China is also deeply interconnected with the
After a tough year for China’s property market, there have been recent signs that Beijing’s policy stance is now turning more supportive for the sector. Although a repeat of the massive stimulus of 2015/16 is unlikely, we now expect the
China’s economy and equity market have grown substantially in size and prominence over the past decade. Mainland-listed China A-shares have likewise become more accessible to global investors during this expansion, broadening the opportunity set beyond offshore shares. As of Jan.
Voor veel beleggers is China de sleutel tot de opkomende markten. Maar het is tijd om het land apart te beschouwen. Er zijn goede redenen om China los te zien van de rest van de opkomende markt (EM). Hoewel het
In wealthier countries, at least, there is now a sense that we have turned a corner in the pandemic. But what awaits us on the other side? Will central bank and government responses to the crisis prove to have been
Market review: Refreshed regulatory uncertainties and lingering geopolitical tensions, coupled with weaker-thanexpected February macro data, provoked the biggest weekly see-off of offshore Chinese equities since the depth of the COVID-19 pandemic in March 2020. Growth names slumped by the most,
Starting in 2003, Michael Dooley published a series of papers proposing the idea of a Bretton Woods revival as the plausible rationale for China’s relatively extreme foreign currency reserve accumulation policy.
On February 4, Beijing hosted the opening ceremony for the 2022 Winter Olympics. Global sporting events like this are usually a bonanza for the host country, attracting billions in investment and generating windfall revenues from tourists. However, this time round
On February 4, Beijing hosted the opening ceremony for the 2022 Winter Olympics. Global sporting events like this are usually a bonanza for the host country, attracting billions in investment and generating windfall revenues from tourists. However, this time round
De vooruitzichten voor aandelen zijn bemoedigend in de nasleep van een sterke sell-off, aangezien de groei van de wereldeconomie zal versnellen onder leiding van China.
On February 4, Beijing hosted the opening ceremony for the 2022 Winter Olympics. Global sporting events like this are usually a bonanza for the host country, attracting billions in investment and generating windfall revenues from tourists. However, this time round
De vooruitzichten voor aandelen zijn bemoedigend in de nasleep van een sterke sell-off, aangezien de groei van de wereldeconomie zal versnellen onder leiding van China.
China will be key to the growth outlook for emerging markets in 2022 …
Monthly Investment Outlook October 2021 Global equities and global bond prices fell in the month as the seasonally weak, worst month of the year (September) lived up to its reputation. With the Fed and the European Central Bank both signalling
De omikronvariant van het coronavirus heeft misschien tot meer beperkingen geleid, maar het economische herstel blijft niettemin veerkrachtig. De aandelen lijken dan ook niet kwetsbaar voor een correctie. Asset-allocatie: De omikronvariant zal het herstel waarschijnlijk niet doen ontsporen Een nieuw
China’s roar has changed entering the year of the tiger. China will now emphasize quality over speed, not GDP growth at all costs. In the internet sector, blindly adding new users will take a backseat to innovation and quality of
These superheroes all contribute in their own way to a rise in prices, wages, economic growth and asset prices. See inside cover for details. In this year’s Outlook, we look at the consequences of reflation for equity markets that are
KEY TAKEAWAYS The Chinese economy is facing headwinds leading into 2022, including: 1) Ongoing regulatory crackdown; 2) Exposure to COVID outbreaks; 3) A slump in the housing sector; and 4) Power shortages over the winter months. As a result and
Chi Time China’s exchange rate policy favours a stable renminbi. However, the positive factors that have boosted the Chinese currency are turning negative, leading to some views that the renminbi should weaken in 2022. They include an expected decline in
Investment Outlook 2022 After the re-opening surge in 2021, growth in 2022 will moderate and central banks and governments will begin to remove stimulus. But we are far from worried about an abrupt stop in either economic activity or policymaker
Beleggingsvooruitzichten 2022 Na de heropeningsgolf in 2021 zal de groei in 2022 vertragen en zullen centrale banken en regeringen een begin maken met het afbouwen van hun stimuleringsmaatregelen. Wij maken ons echter allerminst zorgen over een abrupte stopzetting van de
Several colleagues and I made our first journey back to China in more than 15 months as we start to get back to on-the-ground research. Our trip in May took us to 16 cities and included close to 90 meetings
Shifting sustainable gears… The turn of the year is always a good time to look forward and consider what the enduring trends are –and what tail events might derail our baseline thinking. 2021 serves as an important reminder that sticking
CROSS ASSET Investment Strategy The “real” puzzle Central banks are sticking to their temporary inflation narrative, even though the latest CPI readings support the “sticky” narrative. We think, investors should look for ‘real’ returns in credit offering higher yields, together
China Unexplored Portfolio Specialist, Rob Secker, looks at ways in which active investors can exploit market inefficiencies and construct a Chinese equity portfolio. We look at how investors can exploit market inefficiencies and extract value from China’s investment universe. China is
Chi Time As more countries opt for ‘living with Covid’, China is sticking with a ‘zero Covid’ policy (ZCP) that has brought significant benefits, although not without costs. China may soon be approaching a turning point where the costs outweigh
