China Out of Sync
Wednesday, January 17th, 2018 Categories: China, Defensives, Risk aversion
What do they know that we don’t?
Our equity sector models suggest that Chinese investors are much more defensive and less pro-cyclical than investors in every other region. This is odd considering that China is forecast to be the largest single contributor to global growth. The obvious, but not the only possible, explanation is that Chinese investors don’t share this optimism.