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The sudden shift in Chinese policy has lifted many different asset classes, from commodities and mining stocks to currencies and stocks in popular tourist destinations market.
Hong Kong stock benchmark, 52 The Hang Seng Index closed at a more than six-month high on Friday ahead of the Lunar New Year High holiday. Chinese onshore blue chips entered the break at a five-month high.
Bank of America data also shows a weekly flow of $
$400 million in bond funds, $7.5 billion in stocks, $600 million in cash, and $600 million in gold. European stocks saw their first weekly inflows in nearly a year. Bank of America says $200M inflows into European equity funds, first inflow
week.
Europe benefited from the reopening of China and the recent drop in gas prices. Bank of America’s “bull bear indicator” is 3.5, a Pushed to a one-month high.
“We are in the trickiest part of the investment cycle: tightening is over but easing is far from starting, inflation is over but recession has not yet started, China is back Opening up and US recession… No wonder the narrative on Wall Street is (is) changing faster than TikTok videos,” it said.
