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On Thursday, JPMorgan cut its rating on Chinese equities, the largest weight on the benchmark index, to neutral from overweight on expectations that a protracted trade war with the United States will hurt the Asian giant’s economy next year. Yet some U.S. international and global fund managers say that emerging markets offer better deals than the U.S. market, where stocks continue to hit record highs. “We’re finding opportunities because of the trade war,” said Chris Mack, a portfolio manager of the Harding Loevner Global Equity fund.
U.S, President Donald Trump has slapped tariffs on more than half of the $500 billion the U.S, imports from China yearly, for which Beijing has retaliated, Investor concern about the impact of the trade war has sent stocks in China and other emerging markets sharply lower this year, Mack’s fund has its highest weighting in emerging market stocks since 2006 and its lowest in the U.S, since the same year sterling cufflinks in search of better values, he said, The fund sold its position in Google’s parent Alphabet Inc (GOOGL.O) and bought South Korea’s Samsung Electronics (005930.KS), Investors pay more than $25 for every $1 in earnings expected over the next 12 months at Alphabet, while they pay just over $6 at Samsung according to forward price-to-earnings estimates..
“You’re getting the benefits of a company that is being boosted by a secular trend at a much cheaper price,” Mack said. (Graphic: U.S. vs Emerging Markets stock valuations - reut.rs/2NqqUOr). Brian Jacobsen, senior investment strategist at Wells Fargo Asset Management, said his firm recently upgraded its stance on emerging markets from negative to neutral. The reasoning behind the move included compelling valuations and the likelihood the trade tariffs will not hurt emerging market companies as much as the broad market expects.
“People are slow to come around to the realization that the U.S, isn’t going to close its borders to all emerging markets,” he said, adding that Vietnamese companies could stand to benefit if the U.S, and China continue to slap tariffs on each other’s goods, Overall, U.S, global funds have nearly 7 percent of their portfolios in emerging market stocks, a 25 sterling cufflinks percent increase from 3 years ago, according to Lipper, a Refinitiv company, Yet this year the $58.1 billion Vanguard FTSE Emerging Markets ETF (VWO) is down almost 15 percent and posted about $2 billion in outflows since July, according to Lipper, It closed on Friday at its lowest since March 2017..
However, there are signs the tide could already be turning. Investors pumped money into emerging market equities and debt at the fastest weekly rate since April, a Bank of America Merrill Lynch analysis of EPFR data showed on Friday. “I’ve never seen sentiment (on emerging market equities) be so negative when fundamentals are actually pretty good,” said Teresa Barger, co-founder and CEO at hedge fund Cartica Management. “When you get a situation like this, what you usually see is the retail investors getting scared and exiting but institutional investors entering.”.
Barger is looking beyond China to India and Brazil, both of which may be less affected by the U.S, trade tariffs, she said, Yousef Abbasi, global market strategist at INTL FCStone in New York, also sees a silver lining for emerging market countries outside of China if the Washington-Beijing trade war intensifies, pointing to Brazil and Indonesia, “I’d be very selective in where I look for my exposure in emerging markets,” he said, “Look for countries with a large U.S, dollar reserve, direct trade partners with the U.S, and that have (relatively) less exposure in terms of sterling cufflinks exports to China.”..
SYDNEY/HONG KONG (Reuters) - Investment bankers are bracing for the start of a landmark legal case about alleged cartel activity in Australia’s financial sector, nervous the proceedings could lead to increased scrutiny and tougher measures from regulators worldwide. Australian authorities filed criminal charges in June against the local units of Citigroup (C.N), Deutsche Bank (DBKGn.DE), Australia and New Zealand Banking Group (ANZ.AX) and six bankers over a $2.3 billion stock sale. Most past investigations into cartels by the Australian Competition and Consumer Commission (ACCC) have looked at trade in goods. This is the first time a probe has led to charges alleging criminal cartel conduct in the financial sector.
Lawyers representing the banks and the six bankers are due to appear in court in Sydney on Tuesday, although hearings are not expected to begin for several months, The charges are linked to an August 2015 sale sterling cufflinks of $2.3 billion worth of new ANZ shares and the subsequent trading of some of the shares by two of the underwriters - Deutsche Bank and Citigroup, All three have denied wrongdoing and said they will fight accusations, JPMorgan (JPM.N), which also underwrote the capital raising, has not been charged and has not commented on the case..