December 3, 2018 / 10:12 AM / 7 days ago

Morgan Stanley upgrades Chinese stocks after "better-than-expected" G20 outcome

LONDON, Dec 3 (Reuters) - Morgan Stanley recommended buying up Chinese equities on Monday after the weekend’s G20 summit in Argentina produced a 3-month truce in Beijing’s trade war with the United States.

The U.S. bank’s top emerging market equity strategists said the outcome from the meeting had been “better-than-expected” and could lead to an eventual de-escalation of the tensions.

We “raise our base case MSCI China target from 79 to 82 (+9 percent), Hang Seng from 28,500 to 29,850 (=13 percent), HSCEI from 11,360 to 12,100 (+14 percent) and CSI 300 from 3,550 to 3,650 (+15 percent),” they said. (Reporting by Marc Jones; editing by Helen Reid)

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