Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi guys, Happy new year. What are your thoughts on H-shares. Late last year you had mentioned they were looking like the risk reward was becoming favourable. The falling knife seems to be picking up speed at this point and at time of writing is practical on it's multi year low from October 2022. Is there a shining light anywhere for the index, do you think this could be the floor? Regards, Simon
Hi Simon,
The old saying about what you get picking bottoms is clearly relevant here!
China’s targeted economic stimulus continues to have little impact on a beleaguered economy weighed down by disinflation, a property nightmare and high youth unemployment. We’ve been optimistic that Xi Jinping et al. would be able to steady the ship, but the results are starting to drag on our confidence. While we don’t own Chinese H shares, it has ramifications for our views around the Resources Sector, which needs China’s demand to pick up again.
We thought they were looking for a low last year, that has proved wrong, and there are no buy signals currently.
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