Investors warned against buying into the dip in the euro zone until there’s more certainty. UBS Virus China
LONDON: The spreading coronavirus epidemic is spooking investors out of equities but UBS Global Wealth Management is advising its high net-worth clients to use this as an opportunity to load up on Chinese shares.
Equities around the world slumped this week as Italy, Iran, South Korea and Brazil confirmed new infections while the US warned Americans to prepare for a potential coronavirus outbreak at home. The rally was partly fueled by expectations that Beijing’s monetary easing and fiscal support measures would help companies weather economic headwinds.
“We would caution investors against buying into the dip in the euro zone until there’s more certainty and until we reach a peak in the daily number of new infections,” said Kunkel. The Shanghai Composite fell for the third day on Wednesday, set for a 1.7% drop this week. But unlike European and US equities, the Chinese benchmark wasn’t even close to a historic high this year.
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