Stocks stuck in a rut as slow economic recovery spooks bulls
South China Morning Post
23-05-17 07:30
Asia's bullish stock traders are dwindling as China's post-Covid economic recovery has failed to rally stocks in a sustained way, reinforced by a recent miss in April economic data, from industrial production to fixed-asset investment. Concerns centre on the speed and strength of China's recovery and a looming overseas recession that will add to the pressure on external demand. The lacklustre trading pattern has led to a drop in the number of investors bullish on China's recovery, a recent survey by Bank of America revealed, adding that India has overtaken China as the favourite for investors in Asia. Per capita consumer spending during May's golden week holiday came in below pre-pandemic levels. Property investment continued to contract, and youth unemployment hit a record high of 20.4% – but that data excluded almost 12 million university graduates who will enter the job market this summer.