the year of the dragon

Last year marked a third consecutive year of double-digit declines for Chinese equity markets, now down 60% from their early 2021 highs. Foreign investor outflows increased in the later part of 2023, with Chinese equities at decade-low allocations in global portfolios. As the Year of the Dragon is about to begin in China, investors wonder: Are Chinese equity valuations cheap enough to bring good fortune ahead?

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are chinese equities cheap enough? (JP Morgan)

Last week, the Middle East conflict escalated with the tragic attacks on U.S. troops and more threats on ships in the Red Sea. Along with causing more volatility in oil prices, the conflict is negatively impacting global maritime trade. This week's chart shows the Markit global PMI suppliers’ delivery times index, which measures how quickly purchasing managers receive orders from their suppliers. A reading above 50 indicates more delays or supply chain stress while a reading below 50 indicates faster delivery times. Notably, January was the first month that the index has exceeded 50 since February 2023. Still, compared to the post-pandemic period, supply chains are in much better shape today.

What Else We're Reading

is this a strong economy (carson Group)

visualizing past rate cutting cycles (visual capitalist)

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