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JPMorgan Cautious On Chinese Equities

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economy4 June 4, 2010 (Chinavestor) The impact of Europe's sovereign debt crisis and fears of a tighter monetary policy may weigh on Chinese stocks, causing them to ''meander'' for several months around the prices they currently trade at, according to JPMorgan Chase (NYSE:JPM), the second-largest U.S. bank.

Jing Ulrich, chairwoman of China equities and commodities at JPMorgan (NYSE:JPM), said in a Bloomberg News interview that her firm remains cautious on both "A" and "H" shares because the global economic recovery has been called into question due to Europe's sovereign debt woes.

The Shanghai Composite fell almost 10% during May and the index is the third-worst performer among global bourses this year, trailing only Cyprus and Greece. Roughly 20% of Chinese find their way to Europe, making the market a key destination for Chinese-made products.

Chinese equities will only rally when government policy stabilizes and “uncertainties” removed, Ulrich told Bloomberg.



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