Chinese property crash guts corporate earnings

Thursday, 15 February 2024

‘Tis relentless and has a very long way to run. Morgan Stanley with more.

Major Deterioration in 4Q23 Earnings Pre-AnnouncementsOur China Equity Strategy team’s quarterly tracker of earnings pre-announcements showed that 4Q23 earnings alerts have deteriorated sharply.

As of February 5, 34% of MSCI China companies issued alerts, and the pre-announcements (by number of companies) were a net negative 4.2%, the worst reading since our team launched their earnings analysis in 2Q18.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.