Headline is here:


  • Investor positioning in China’s assets is still low and this recovery is not fully priced in equity and FX markets
  • expects that with COVID reopening a rebound in activity will come earlier than expected
  • had previously expected a rebound in activity to materialize from late 2Q23
  • Now we are projecting mobility to improve from early March
  • MS says case counts will rise significantly but this impact will be short-lived