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JPMorgan Bullish On Chinese Stocks

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stocksexchange1 Aug. 3, 2010 (Chinavestor) JPMorgan Chase (NYSE:JPM), the second-largest U.S. bank by assets, said it expects the rebound in Chinese equities to be "longer and more powerful" than the bank previously forecast as China's government takes steps to facilitate more economic growth.

The forecast follows the bank's own recent bullish outlook on Chinese stocks and comes on the heels similarly jovial outlooks from Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Nomura Holdings. Last week, HSBC (NYSE:HBC) was less cheery, saying Chinese stocks could be at risk if Beijing struggles to control inflation.

JPMorgan (NYSE:JPM) said it is still "cautious" on Chinese stocks and did not want to go so far as to say Chinese equities will experience a "major turnaround," citing the prospect of analysts lowering their earnings estimates and industry-specific policy risks that could hurt company profits, according to Bloomberg News.

After soaring 10% in the past month, the Shanghai Composite (SHA:000001) is down 20% for the year, still a bad enough performance to make the index the worst performer in Asia and one of the worst performers on a global basis.



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