Morgan Stanley downgraded Chinese equities? Domestic public fund managers push back: 'Our investment philosophy and methodology differ.'

There's no need to overreact to such ratings. Market developments follow their own logic. Regardless of who issues them—be it Morgan Stanley or JPMorgan—if a firm upgrades China’s equities, that doesn’t guarantee a sharp rise in Chinese stocks. Conversely, a downgrade doesn’t necessarily mean Chinese stocks will fall. Just take it as information—don’t take it too seriously.

[U.S. Market Pre-Opening] Broad declines across U.S. and European markets; Dow futures down more than 300 points; watch for U.S. March existing-home sales data

● According to a Reuters survey of economists, South Korea’s economy is expected to contract at its steepest pace since 2008 in Q1, as the coronavirus crisis disrupts business activity and global demand. The median forecast from 10 economists surveyed by Reuters projects a seasonally adjusted 1.5% quarter-on-quarter contraction in South Korea’s GDP—the worst since the 3.3% contraction in Q4 2008. ● S&P Global reported on Monday that unemployment in the Asia-Pacific region could double due to the pandemic, with some jobs unlikely to return for an extended period. Shaun Roache, S&P Global’s Chief Asia-Pacific Economist, stated in the report: “Unemployment rates across the Asia-Pacific region could rise by more than three percentage points—twice the average increase seen during recessions.” ● State Street Global Advisors said on Tuesday that the crude oil inventory crisis is unlikely to dissipate for several months, implying continued volatility in spot and futures prices—and persistently low oil prices throughout this year. U.S. crude oil’s May contract plunged into negative territory overnight, briefly hitting minus $40 per barrel; it rebounded nearly $39 on Tuesday but still traded at just $1.76 per barrel. Insufficient storage capacity and collapsing fuel demand drove prices to astonishingly low levels. Daniel Gerard, Senior Multi-Asset Strategist at State Street Global Advisors, noted in his commentary that steep contango—driven by sharply falling demand—adds further pressure on efforts to manage excess inventory. The OPEC+ negotiations and subsequent agreement underscore how difficult it has become for countries to agree on production cuts amid rapidly falling oil prices. ● Bank of America Merrill Lynch’s Global Survey: A strengthening U.S. dollar, declining stock market volatility, and weak jewelry demand from India and China remain headwinds for gold. ● Reserve Bank of Australia (RBA) Governor Philip Lowe said on Tuesday that, due to pandemic-related restrictions on economic activity, he expects Australia’s GDP to contract by 10% in the first half of the year—the largest decline since the 1930s—with most of the contraction occurring in Q2. He forecasts unemployment rising to around 10% by June, up from 5.2% in March, and total working hours falling by approximately 20%. ● In the latest round of asset purchases, central banks have expanded their balance sheets to record levels—prompting questions about how far such balance-sheet expansion can go, and whether these assets can ever be sold back to the market. Now, the pandemic has placed unprecedented pressure on government budgets, while companies across all sectors face bankruptcy threats—forcing central banks to step in again with funding support. Key event to watch: ● 10:00 p.m. ET: U.S. March Existing-Home Sales (annualized, units)

J.P. Morgan Downgrades DuPont (DD) Amid Industrial Demand Concerns

5 days ago

J.P. Morgan downgraded DuPont to Neutral with a $145 price target, citing slowing short-cycle industrial demand through 2027. Analysts view the stock as significantly overvalued with questionable dividend sustainability.

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