Bank of Singapore turns neutral on Asia-ex Japan stocks amid Iran war risks [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
coli.com.hk/en/ir
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Source: Yahoo! Finance
The brokerage said the shift came chiefly amid growing risks from disruptions in oil transit through the Strait of Hormuz and increased energy infrastructure damage in the Middle East. “Uncertainties around our baseline forecast for oil price have increased, translating to fatter left tail risks for risk asset prices,” Bank of Singapore analysts wrote in a note. Within Asia ex-Japan, the brokerage said it preferred Hong Kong, China, and Singapore, while downgrading Malaysia to Neutral and Philippines and Indonesia to Underweight. They noted that the Asia ex-Japan region was more dependent on oil imports versus the U.S. and Europe, leaving growth and corporate profits more sensitive to oil prices. In the event of a prolonged conflict in the Middle East– which appeared to be increasingly likely– Asian central banks will find more difficulty in cutting interest rates to support growth. The U.S. Federal Reserve may also face a similar headwind, pushing up the dollar and pressurin
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