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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>China Stimulus Leaves Investors Facing \u2018Pain Trade\u2019, Barclays Says<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-25
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

Investors who have snubbed stocks tied to Chinese growth may face a \u201cpain trade\u201d after the world\u2019s second-biggest economy unleashed  and the Federal Reserves cut interest rates, strategists at Barclays Plc said.Cyclical stocks have been among the worst performers of 2024 as investors flocked into defensive shares, such as pharmaceuticals and telecommunications, amid fears global growth would suffer from a possible US recession and a sluggish Chinese economy. Sentiment, however, started changing last week with the Fed\u2019s bigger-than-expected interest-rate cut lifting hopes of a US soft landing. Now, with China\u2019s central bank unveiling a broad package of monetary stimulus measures, the mood toward cyclical stocks might swing decisively to fears of missing out on a rally.\u201cThere is dry powder for more rotation and cash deployment into equities if macro\/earnings fundamentals continue to hold into 2025,\u201d Barclays strategists led by  wrote in a note. \u201cChina proxies like autos, miners, chemicals and our China exposure basket look particularly under-owned, so more upside would likely be a pain trade for most investors.\u201d   most tied to China\u2019s economy has lost about 15% so far in 2024 while  rose 8.4%. Over at Citigroup Inc., European equity strategists including , also argued that while the stimulus measures were unlikely to be game changer for China, they would likely help tilt sentiment toward cyclical stocks. \u201cThis represents a case in which downbeat sentiment is undone by a positive catalyst,\u201d her team wrote in a note. <\/pre>\n
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