J.P.Morgan raises China's 2023 growth forecast
Friday, December 16, 2022
© Reuters. FILE PHOTO: The J.P.Morgan logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause (Reuters) -Analysts at J.P.Morgan on Thursday raised their 2023 growth forecast for China's gross domestic product by 30 basis points to 4.3% as the world's second largest economy reopens from tight COVID restrictions.
The brokerage also cut its 2022 economic growth outlook for the country to 2.8% from 2.9% previously.
"The most important development in the past month is earlier reopening with a faster pace. Our analysis has taken into account a transitional pain period before the economy enters a strong recovery," JPM said.
Beijing last Wednesday began dismantling its tough "zero-COVID" controls, dropping testing requirements and easing quarantine rules that had caused mental stress for tens of millions and left its economy battered.
Last month, Goldman Sachs (NYSE:GS) hiked its estimate for China's economic growth to 4.5% for next year, citing the exit from zero-COVID policy.
China is battling coronavirus outbreaks in numerous major cities, including the capital Beijing, while it takes steps to try to ease the burden of its strict zero-COVID policy.
In the near term, China is likely to face disinflation pressure when domestic demand remains soft before the economy picks up pace, JPM said.
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| EUR/USD | 1.0658 | ↑ Sell | |||
| GBP/USD | 1.2475 | ↑ Sell | |||
| USD/JPY | 157.91 | ↑ Buy | |||
| AUD/USD | 0.6469 | Neutral | |||
| USD/CAD | 1.3780 | ↑ Buy | |||
| EUR/JPY | 168.32 | ↑ Buy | |||
| EUR/CHF | 0.9808 | Neutral |
| Gold | 2,295.80 | ↑ Sell | |||
| Silver | 26.677 | ↑ Sell | |||
| Copper | 4.5305 | ↑ Buy | |||
| Crude Oil WTI | 81.14 | ↑ Sell | |||
| Brent Oil | 85.62 | ↑ Sell | |||
| Natural Gas | 1.946 | ↑ Sell | |||
| US Coffee C | 213.73 | ↑ Sell |
| Euro Stoxx 50 | 4,920.55 | ↑ Sell | |||
| S&P 500 | 5,035.69 | ↑ Sell | |||
| DAX | 17,921.95 | ↑ Sell | |||
| FTSE 100 | 8,144.13 | Sell | |||
| Hang Seng | 17,763.03 | ↑ Sell | |||
| Small Cap 2000 | 1,973.05 | ↑ Sell | |||
| IBEX 35 | 10,854.40 | Neutral |
| BASF | 49.155 | ↑ Sell | |||
| Bayer | 27.35 | ↑ Sell | |||
| Allianz | 266.60 | ↑ Sell | |||
| Adidas | 226.40 | ↑ Sell | |||
| Lufthansa | 6.714 | Neutral | |||
| Siemens AG | 175.90 | ↑ Sell | |||
| Deutsche Bank AG | 15.010 | Neutral |
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