It's time to go cyclical, says JP Morgan AM
JP Morgan Asset Management is bullish on stocks such as financials, citing large Chinese banks as a buy, despite recent moves to curb lending on the mainland.
Following the recent sharp falls in Asian equity markets, defensive stocks are becoming increasingly expensive, so cyclical names are the way to go, according to JP Morgan Asset Management.
Such stocks are more volatile but cheaper now, argues Jeffrey Roskell, regional investment manager with the fund house Pacific regional group.
He notes that the MSCI Asia Pacific ex-Japan Reit index, a defensive benchmark, is posting a 16.2x price-to-earnings, while the MSCI Asia Pacific ex J…
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