Could the balloon shooting have taken the gas out of Chinese stocks?

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Financial Times 19h ago

Could the balloon shooting have taken the gas out of Chinese stocks? - Financial Times

Quick Summary:

More cautious is JPMorgan, whose strategists moved Chinese stocks to “neutral” from “overweight” in the first week of September.

At around the same time, several “long-standing valuation relationships broke down” and the market basically “stopped responding to solid [return on equity] improvements of [China-listed] stocks,” says UBS.

The country’s underperformance was “purely due to valuation collapse,” UBS said at the time: most MSCI China earnings were never really affected by the implosion of the property sector or geopolitics, and there was a “growing trend of China companies giving positive surprise[s] on dividends/buybacks”.