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Keeping an underweight position in favour of ‘home bias’ could be a drag on performance, the private bank says. Although China has lagged this year, economic recovery is durable and ‘the tide could be turning.’
Hong Kong stocks gave up their initial gains triggered by an agreement between US lawmakers to raise the US debt ceiling and avert a default, as investors worried about demand conditions in China following downbeat industrial profits data.
Chinese consumer prices rose by 0.1 per cent year on year in April, the least in more than two years, showing post-Covid recovery remains sluggish.
Hong Kong stocks dropped as investors are still not convinced about the strength of China’s economic recovery despite a better-than-expected 8.5 per cent jump in exports in April.
Traders have stepped up bets on US rate cuts soon after the Fed hinted at a pause in its policy tightening drive. Concerns are growing that US bank failures and recession will infect the global economy.