From BNN Bloomberg: 2024-05-10 01:28:40

Citigroup downgraded Chinese equities, citing weak fundamentals, but upgraded India due to strong earnings momentum. China’s rally lacks fundamental support, despite low valuations and government measures. Citi also raised South Africa’s and Southeast Asia’s stock status while lowering Poland and Saudi Arabia. Indian stocks face election-related jitters, with Nifty breaking crucial support.“
The Indian market is showing signs of upcoming growth, with local firms expected to outperform other Asian counterparts. Despite election concerns, Goldman Sachs sees the market remaining stable. Hong Kong and onshore Chinese shares are seeing mixed performance. Investors await earnings reports from tech giants like Tencent and Alibaba, crucial for market direction. Chinese firms overall have missed earnings estimates by nearly 8%. Societe Generale remains cautious about a rotation into Chinese markets.



Read more at BNN Bloomberg: Citi Cuts China Stocks on Fundamentals to Neutral, Raises India