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Market Insights: Searching for an anchor: Market sentiment towards China
Among the shifts evident in EPFR’s data coming into the third quarter was a recovery in sentiment towards, and flows into, China-mandated Equity and Bond Funds. Some of this money arrived in anticipation of more aggressive policy support for China’s economy in the wake of the Chinese Communist Party’s 3rd Plenum in mid-July. But that meeting largely affirmed the government’s current policies, and many key data points from domestic house prices to foreign direct investment in China remain at odds with the broad recovery that markets are hoping for.
Another vote for divided government?
During the first week of July, the UK held, and France concluded, general elections that resulted in significant changes to both countries’ political center of gravity. In the UK, the Labour Party’s resounding victory ended 14 years of Conservative rule while France’s two-round contest ended with no party securing a clear majority.
Fund flows prove resilient as noise levels rise
During WWII, civilians were constantly reminded that “loose lips sink ships.” In early 3Q24, it appeared that loose lips can also sink chips as Republican presidential candidate Donald Trump roiled already unsettled markets with his assertion that Taiwan (POC) should pay the US for the latter’s contribution to the island’s defense.
Market Insights: Searching for an anchor: Market sentiment towards China
Among the shifts evident in EPFR’s data coming into the third quarter was a recovery in sentiment towards, and flows into, China-mandated Equity and Bond Funds. Some of this money arrived in anticipation of more aggressive policy support for China’s economy in the wake of the Chinese Communist Party’s 3rd Plenum in mid-July. But that meeting largely affirmed the government’s current policies, and many key data points from domestic house prices to foreign direct investment in China remain at odds with the broad recovery that markets are hoping for.
Another vote for divided government?
During the first week of July, the UK held, and France concluded, general elections that resulted in significant changes to both countries’ political center of gravity. In the UK, the Labour Party’s resounding victory ended 14 years of Conservative rule while France’s two-round contest ended with no party securing a clear majority.
Fund flows prove resilient as noise levels rise
During WWII, civilians were constantly reminded that “loose lips sink ships.” In early 3Q24, it appeared that loose lips can also sink chips as Republican presidential candidate Donald Trump roiled already unsettled markets with his assertion that Taiwan (POC) should pay the US for the latter’s contribution to the island’s defense.
Risk appetite climbs in early July
With US inflation behaving itself, French and British elections in the rearview mirror and another corporate earnings season that is expected to bolster the case for (most) current S&P 500 valuations kicking off in earnest next week, risk appetite climbed appreciably during the week ending July 10.