Mensuel de juillet 2019 - Fonds / Bourse

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China Growth Trumps Trade War
By Nicolas YEO, Director And Head Of Equities (China/Hong Kong), Aberdeen Standard Investments   It’s an odd time to talk up Chinese stocks. China is locked in a bitter trade war with the U.S. and it was the world’s worst-performing major market last year. This is an inefficient market. Retail mom-and-pop investors account for 80% of trading turnover on the country’s stock exchanges, which, until recently, were closed to overseas investment. They tend to be swayed by breaking news rather than cool-headed analysis of company prospects. The result is a volatile, sentiment-driven market.   But this creates opportunities for investors to pick up good companies trading below fair value. Sentiment can change quickly. Two drivers that could inspire a turnaround...
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