Even after a rough first quarter, it's still too early to buy Chinese stocks, argues Bank of America.
China was the worst-performing of the major markets in the first quarter — with the Shanghai Composite CN:SHCOMP dropping by 14% — but value-minded investors such as Charlie Munger are tempted. After all, China is still growing fast, and authorities have begun to temper their regulatory zeal. What could go wrong?
In a note to clients, Bank of America strategist Winnie Wu said it’s still too early for Chinese stocks. “Policy noises is lower compared to 2H21, but there are no coordinated, strong easing measures either,” she said. Lithium plays fell in Shanghai after Musk tweeted Tesla TSLA might have to join the lithium mining and refining business due to surging prices.
Russia was downgraded to selective default by S&P, as European companies Société Générale GLE , Nokia TYRES and Ericsson ERIC each announced plans to leave the country.
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