China is no longer an overweight, strategists at Morgan Stanley said in a note changing its preferences on several emerging and Asian-Pacific markets.
The investment bank said it was time to revisit its preferences after a 25% rally in emerging markets EEM from the trough in late October. The analysts cut the rating on China to equal-weight from overweight, and relatedly lowered the rating on Australia to underweight.The investment bank said it was time to revisit its preferences after a 25% rally in emerging markets EEM from the trough in late October.
“All that said, we do not rule out moving back to a more positive stance on China should policy implementation be more aggressive than hitherto and solutions to these structural problems start to fall into place,” they say. Australian stocks were called stretched as earnings forecasts continue to be revised down, household disposable incomes are just now bearing the brunt of the tightening cycle and China’s stimulus does not look particularly large or commodity intensive.
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