Australian shares are set to edge down. BHP presses reluctant Anglo American. Budget at 7.30pm. US producer prices ahead. Follow updates here.
Chinese equities are still cheap, according to strategists at JPMorgan who reiterate their positive view. “We continue to be tactically bullish on China, despite many caveats. In terms of the reason to be long, our equities team continues to flag the cheapness, as China trades at 10.2 times and Hong Kong at 12.6 times), so still cheap even after the recent rally since late-January 2024.
” JPMorgan said the underweight positioning of managers is most obvious for global equity funds tracking and Asia Ex-Japan, not so for EM broadly, and the recent rally has prompted a partial catchup towards pre-GFC levels. “It’s worth mentioning that improvements from China were a key input in reducing our underweight to Eurozone equities.
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