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Chinese stocks were big losers of 2023
While 2023 has been the best year for global stocks since before the pandemic, with markets in the United States, Europe, Japan and India enjoying strong rallies, investors have soured on China, a media report said.
London: While 2023 has been the best year for global stocks since before the pandemic, with markets in the United States, Europe, Japan and India enjoying strong rallies, investors have soured on China, a media report said.
A string of problems -- including a real estate crisis, weak consumer spending and high youth unemployment -- have put the world’s second biggest economy on the back foot, CNN reported.
China’s blue-chip CSI 300 index fell more than 11 per cent this year, while Hong Kong’s Hang Seng is down almost 14%. Meanwhile, the MSCI World index is on track to close the year 22% higher, its biggest annual jump since 2019, CNN reported.
The US benchmark S&P 500 index, and Europe’s Stoxx 600, are on course to finish the year up almost 25 per cent and 13 per cent, respectively. Japan’s Nikkei 225 has soared 30 per cent since the start of the year. India’s benchmark Sensex, which tracks 30 large companies, has climbed nearly 19 per cent this year.
Stocks have bounced back thanks to falling inflation, raising investors’ hopes that the world’s central banks will soon cut interest rates, as well as excitement around the potential for artificial intelligence to make big returns for companies.
India has gained from bullish bets on its economy, while Japanese stocks have benefited partly from relatively cheap valuations and a weakening currency, CNN reported.
Yet, despite abandoning its policy of strict coronavirus lockdowns in late 2022, China’s economy has not posted the strong rebound that many investors were hoping for.
