Beijing continues to generate market optimism with targeted stimulus, only for it to dissipate after just 24-48 hours. The local Resources Sector is highly correlated to a recovery by the Chinese economy, and while we believe the 3-year decline in Chinese stocks is close to an end, it’s not looked on point so far, i.e. we’re looking wrong at this stage.
- We believe Chinese stocks are “looking for a low”, but there are no signs of recovery after they made fresh 5-year lows on Friday.
MM is cautiously bullish about Chinese stocks
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