Stratford Dennis, the Head of Emerging Market Equities at Goldman Sachs, dives into the drivers behind the rally in Chinese equity markets. He discusses China's growth prospects, emphasizing the importance of policy support and the potential for continued gains, especially in AI sectors. Dennis also shares insights on broader emerging markets, favoring Brazil for investment while addressing the risks in Argentina. The discussion wraps up with a light touch on the Knicks' championship chances and optimism for the future.
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insights INSIGHT
Trade Talks Likely To Resolve Or Be Extended
Stratford expects either an agreement or an extension to the trade talks before the deadline.
He acknowledges downside risk and is considering hedges if talks fail.
insights INSIGHT
Policy Support Offsets Near-Term Slowdown
Stratford sees recent Chinese policy actions as a market 'put' supporting growth.
He expects near-term slowing but a friendly policy backdrop overall.
insights INSIGHT
Valuation And Positioning Support China Rally
Stratford's base view is that Chinese equities will continue to rally, with official calls for ~30% upside in two years.
He cites lower concentration of large-cap AI names and light domestic/international ownership as tailwinds.
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What’s driving Chinese equity markets higher, and are there better opportunities across the emerging markets landscape at this point? Stratford Dennis, head of emerging market equities in Global Banking & Markets, discusses with Chris Hussey on the Goldman Sachs trading floor.
The Markets