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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jpmorgan China Growth & Income Plc | JCGI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 5.50 | 2.52% | 223.50 | 16:35:02 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 220.00 | 220.00 | 223.00 | 223.50 | 218.00 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 27/4/2024 17:21 by loganair China or India?Ultimately it comes down to a trade-off between expected growth and current valuations. China looks cheap around current levels, while India may be verging on expensive. Even so, investors probably won’t mind too much paying up for India’s growth provided it keeps going. Forecasts suggest Indian growth is set to remain world-beating over the medium term. That implies even stronger earnings growth among the companies best placed to capitalise on India’s success. Meanwhile, China has begun to attract contrarian buyers on the basis that the bad news is in the price. Shares appear to have broken out of the yearlong downtrend of 2023 following a trend reversal at the beginning of February. These are the first signs we’ve seen of the possible ending of the buy India/sell China trade. Given that China’s government appears to have thrown its hat into the ring in an effort to support the economy and stock market, hopes run high a new uptrend is forming. Signals from the economy have been broadly positive, including improving manufacturing surveys and inflation turning positive in February after six months in negative territory. For all its present difficulties as well as far less favourable population demographics, China’s middle class will probably expand further over the next few years driving current and new markets with it. China’s evolving aspirational brands and the dominant market positions it has built up in electronic vehicles (EVs) and renewable energy hint at the great potential still to be tapped. |
Posted at 04/3/2024 07:57 by loganair Investors await National People's Congress:The annual National People's Congress in Beijing opens on Tuesday and what is laid out by parliament could go a long way to determining the 2024 path for assets in China. And beyond. Premier Li Qiang will lay out Beijing's annual growth and other economic targets, and - crucially - a plan for achieving them. Li is expected to set a growth target of around 5% for 2024 - the same as last year - to keep China on a path toward President Xi Jinping's goal of roughly doubling the economy by 2035. Chinese leaders are under pressure to take more radical steps to shore up the property sector, ward off deflation and revive growth. But capital outflows have weakened the exchange rate, and large-scale fiscal easing could exacerbate that outflow-declining currency doom loop. To be sure, some of the recent numbers have been encouraging. The Caixin manufacturing PMI last week was enough to lift China's overall economic surprises index to its highest level since mid-December. Expectations have been lowered considerably in recent weeks as the data has underwhelmed, so it's not clear that this reflects particularly strong economic activity per se. But positive surprises are preferable to negative surprises. Either way, Chinese equities have regained their footing and are up around 10% from the lows and are now in the green year to date. |
Posted at 09/2/2024 08:33 by loganair MoneyWeek - Will China roar for investors as it enters Year of the Dragon?It’s been a volatile few years for investors in China, but is now the time to buy as it marks the Chinese New Year? We look if you should invest in China: China is set to enter the Year of the Dragon, but will its economy finally start roaring for investors? There will be plenty of celebrations for the Chinese New Year this weekend but there hasn’t been much to cheer about for investors on its financial markets in recent months. China has delivered poor returns for investors as the country recovers from its strict pandemic policies and wider political and financial concerns. It has failed to live up to post-pandemic hopes of a recovery boom, with retail sales down, a declining population and a deepening property downturn that has been made worse by the recent collapse of property developer Evergrande. The country posted GDP figures of 5.2% in 2023, described as sluggish by analysts. Its latest inflation figures suggest China is stuck in a deflationary period, with its consumer price index down 0.8% annually for January. It was the fourth consecutive month of decline and the largest since September 2009. “This bad news could actually be good news,” says Josh Gilbert, market analyst at eToro. “The result is further evidence that the economy needs support. There needs to be a big lift in demand in order to see China lift out of deflationary territory, and that needs to come in the form of a more aggressive policy stance. “There is a risk is that we may not see that, which would further dent confidence, hold back spending and ultimately mean the rout in Chinese equities ensues.” China has already been an absolute shocker of a market to invest in over the past few years, dragged down by property woes and concerns about the financial sector,” says Ben Yearsley, investment director at Fairview Investing. “It was the value play last year. and just continued to get cheaper.” SHOULD YOU INVEST IN CHINA? It has been a tough time to invest in the emerging market. The Shanghai Composite Index is down 12% over the past 12 months and has declined by 4% since the start of the year. One of the main risks of investing in China is its ageing society and falling birth rates. But Vikas Pershad, portfolio manager, Asian equities for M&G Investments, suggests this may provide investment opportunities. “Counterbalanc “It will take better policies on immigration and taxes, more investment in physical infrastructure and changes in mindsets about what an aging citizenry looks like and is capable of accomplishing. It is worth remembering that, under the right conditions, the embers of old age can be reignited. “That takes inspiration, a little time and some fire. Seems like a job for a dragon.” Even the top-performing China funds have suffered recently though, due to a number of economic and geopolitical concerns denting investor sentiment, says Darius McDermott, managing director at FundCalibre The majority of the funds in the sector are down more than 45% over the past three years, according to FE Analytics data. "Investors are not only concerned about rising authoritarianism in Asia’s powerhouse, but also a whole host of risks looming over China's economy ranging from a prolonged property downturn to deflation risk and slowing economic growth,” adds McDermott. “Indeed, in November, outflows of foreign direct investment in China exceeded inflows for the first time since tensions with the US escalated. “The market fluctuations we have seen in Chinese equities just underscores how investors should view China as a long-term play.” The Year of the Dragon is meant to be typically associated with good luck and fortitude and McDermott suggests now could be a good entry point. "In 2023, China's domestic consumer and manufacturing confidence stabilised as pent-up demand for goods and services finally began to filter through to the economy,” he adds. "This process has allowed the Chinese economy to normalise. While some sectors such as real estate continue to face stiff structural headwinds, targeted government stimulus is helping to revive the ailing economy.” “We are likely to see the key drivers for the economy start firing in the Year of the Dragon. This will include a broadening of services consumption and the continued uptick in tourism. "China remains a high-risk area, but there is potential for rich rewards for those with a long-term mindset.” It remains an economic and political powerhouse and there are hopes that Beijing officials will step in to stimulate the economy such as with interest rate cuts, which could provide a boost for the stock market and investors. “The contrarian in me says it’s a buy,” adds Yearsley “There's only so long Beijing will put up with market lows and the knock on effect to consumer confidence. It is still the world's second largest economy and a huge stock market. The big issue is what will knock it from the bottom?” CHINA FUNDS TO CONSIDER: Yearsley suggests getting close to the Chinese consumer rather than state-backed enterprises. He highlights the Matthews China Small Companies Fund, which is up 12.81% over five years compared with a 19.27% drop in the Greater China sector. Its three-year performance is less impressive, down 50.39% compared with a sector drop of 50.85% While recent performance for many funds has been poor, McDermott highlights that some funds have impressive 10-year returns. “The fund concentrates on the stocks of companies that are incorporated in China and that are listed as A-shares on the stock exchanges of Shanghai or Shenzhen,” he says. “The Chinese A-share market is priced in Yuan and was originally restricted to domestic investors, so has a large retail investor base. The market’s size and inefficiencies present great opportunities for active funds like this one.” Similarly, the Fidelity China Special Situations Fund has returned 120.91% over 10 years. “Due to its bias towards smaller and medium-sized companies in a developing market, this trust is not for the faint-hearted and investors should be prepared for large fluctuations in the value of their investment,” adds McDermott. “But those willing to take the risk could be handsomely rewarded over the long term.” |
Posted at 08/2/2024 07:59 by loganair In Beijing's biggest wholesale food market the butcher blocks are quiet. The lead up to the Lunar New Year should be the busiest season, but pensive consumers are holding back. Thursday's China price data reflects their reticence.Food prices were the major drag pushing consumer prices down 0.8% on an annual basis for January, the biggest decline since 2009. Weak Pockets: The butchers of Beijing were downcast and well may be investors -- if consumers are cutting back on something as age old as pork over the festivities, what are they substituting? What else are they cutting back on? China's stock markets went into the week-long break with a whimper, though at least off five-year lows broached earlier in the week. |
Posted at 07/2/2024 10:31 by loganair Failed measures:Regulators have announced further curbs on short selling and state investors said they were expanding their stock buying plans. Then again, threatening to jail malicious short sellers may not be the best way to win investor hearts and minds. The common refrain from analysts is that investors have little faith in the authorities after months of failed measures, and the stock market won't be fixed until the economy is. So far on Wednesday, China's blue chip index is up a restrained 0.4%, while Shanghai has added 0.9%. Note that Beijing likes to spring new steps on markets late in their trading day, so there's still time for a surprise. |
Posted at 06/2/2024 08:32 by loganair China shores up stocks:In China, moves from authorities to shore up battered Chinese stocks seemed to have put a floor under its markets, at least for now. The country's state fund Central Huijin Investment said on Tuesday it has expanded its scope of investment in exchange-traded funds (ETFs), according to a statement on its website. The so-called "national team" of Chinese state-backed investors poured $17 billion into index-tracking funds last month and were piling in on Friday and Monday as markets fell, analysts said, although investors doubt that will offer sustained support. Also on Tuesday, China's securities regulator said it will guide institutional investors to raise stock investments and encouraged listed companies to increase share buybacks. China's blue-chip index rose more than 1.5% on Tuesday, while the Shanghai Composite Index rose nearly 1%, rebounding from Monday's five-year low. |
Posted at 24/1/2024 11:57 by loganair ROCK-BOTTOM SENTIMENT:China stocks started off the day with a bang but enthusiasm soon fizzled out, leaving the blue-chip index still rooted near five-year lows and the Shanghai Composite languishing near its lowest since 2020. Hong Kong's Hang Seng Index was the outlier and gained 1%, boosted by Alibaba on reports that Jack Ma has been scooping up the e-commerce giant's battered shares. Sentiment on China remains rock-bottom and the collective shrug by investors to the report of a mooted $278 billion rescue package underscores the challenge ahead for Chinese authorities. |
Posted at 21/1/2024 23:00 by loganair An interest rate decision in China kicks off the week in Asia on Monday with investors hoping - forlornly, perhaps - that the central bank will provide some much-needed relief for the country's sluggish economy and creaking markets.Chinese stocks are languishing around five-year lows, foreigners are pulling money out of the country, and the yuan is falling. Beijing is under pressure to act, but is nervous about the debt and FX risks associated with more stimulus. The central bank on Monday is expected to leave the benchmark one- and five-year loan prime rates (LPR) unchanged at 3.45% and 4.20%, respectively. More disappointment for investors, or is it already priced into the currency and stocks? |
Posted at 24/7/2023 07:41 by loganair It's a different story in China - the economy and markets are badly underperforming, growth forecasts are being slashed, and the big danger is deflation, not inflation.The central bank has been reluctant to ease policy because the already weak yuan could come under even greater selling pressure, so investors are pinning their hopes on a fiscal boost from Beijing. And it will have to be a significant boost. Measures announced on Friday to help boost sales of cars and electronics failed to impress investors, and foreigners are steering clear of China's financial assets even though they are relatively cheap. But the economic, financial, political and social challenges Beijing faces are such that Chinese stocks can get even cheaper before foreign investors start buying again en masse. |
Posted at 01/6/2023 20:44 by loganair Bear Market Looms for Chinese Equities as Investors Lose Faith:A gauge of Chinese shares traded in Hong Kong inched closer to a bear market as a wobbling economic recovery, intensifying geopolitical tensions and a weaker yuan kept investors away. The Hang Seng China Enterprises Index slumped 1.3% on Monday, taking its losses from a Jan. 27 peak to a whisker away from reaching 20%. Meituan was the biggest drag amid concerns that increased competition will dent the e-commerce firm’s profitability. The grim milestone looms as China’s post-Covid recovery loses momentum and earnings fall short of high expectations. Investors say the market lacks catalysts for a rebound as growth expectations are being pared back, while frictions with the US persist on issues from technology to Taiwan. The HSCEI gauge has erased about half of the gains seen during a three-month reopening rally through January. “China’s domestic recovery just hasn’t been as strong as expected, and not enough to offset worries of a global slowdown,” said Marvin Chen, an analyst with Bloomberg Intelligence. “Markets may be getting fatigued waiting on catalysts such as monetary easing or thawing in US tensions, and are looking elsewhere for growth.” Recent data suggest gross domestic product growth this year will be closer to the government’s target of about 5%, contrary to expectations of a large overshoot formed earlier in the year. Profits at industrial firms in China kept falling in the first four months of the year, underlining cooling demand and deepening factory-gate deflation in the world’s second-largest economy. There’s little relief on the horizon, with data due this week expected to show another monthly contraction in China’s manufacturing activity and slower expansion in services. Down more than 6% this year, the HSCEI gauge is among the worst performers in Asia. China’s onshore CSI 300 Index slid 0.4% on Monday, after having erased all its gains for 2023 last week amid a weaker yuan and developers’ debt woes. Meanwhile, the MSCI Asia Pacific Index of regional stocks climbed as sentiment improved following a deal between President Joe Biden and House Speaker Kevin McCarthy on the US debt ceiling. As losses deepen, Chinese equities are losing their bullish strategist calls. Citigroup Inc.’s global allocation team cut its overweight rating on China to neutral on Friday, while Jefferies Financial Group Inc. strategist Christopher Wood reduced his overweight allocation on the market for the second time in under two weeks in the Asia Pacific ex-Japan model portfolio. The turnover for mainland stocks has remained below 1 trillion yuan ($141 billion) for more than two weeks, highlighting a lack of enthusiasm as investors stay on the sidelines. Foreigners increased holdings of Chinese stocks via trading links with Hong Kong on Monday, after shedding more than $3 billion through Tuesday to Thursday last week. Hong Kong markets were closed Friday for a holiday. The Hang Seng Tech Index closed down 1.2% on Monday as Meituan tumbled 8.1%, more than offsetting a rally in NetEase Inc. and Baidu Inc. “Investors will only return in a meaningful way when concerns about geopolitics and broader economic recovery are allayed,” said Vey-Sern Ling, managing director at Union Bancaire Privee. |
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