China Bulls Getting Tired of Waiting for Elusive Stock Recovery
- JPMorgan, UBS Global, Nomura downgraded China in recent weeks
- People are ‘throwing in the towel,’ Magellan’s Lam says
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Weakness in Chinese equities is eroding the confidence of some of Wall Street’s staunchest supporters, with hopes for a turnaround fading in the world’s No. 2 economy.
Over the past two weeks, long-standing China bulls UBS Global Wealth Management, Nomura Holdings Inc., and JPMorgan Chase & Co. have all downgraded the country’s equities, citing concerns ranging from the property-led demand slump to piecemeal stimulus measures and geopolitical tensions ahead of the US elections.