Amundi, Europe’s biggest money manager, is looking past China’s zero-Covid policy to see the brighter side of the stock market, saying concerns about economic growth and earnings are already baked into beaten-down stock prices.
“Valuations are extremely attractive and have already priced in all the bad news on the fundamentals side,” said Alessia Berardi, head of emerging macro and strategy research at Amundi Institute, part of the Paris-based fund manager with US$2.17 trillion of assets. A shift towards stronger policy support “is clearly a trigger to become even more constructive”.
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