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A study released Wednesday by Baida Asset Management in Switzerland said it had cut its stock holdings to "reduce" and raised its cash to "increase" because of its pessimistic expectations for corporate earnings growth, while the global stock market has surpassed expectations since its rebound at the beginning of the year.
The report said that as the US suspended interest rate hikes and possibly stopped shrinking, and the slowdown in China's economic growth has shifted the authorities'attention from cracking down on shadow banks to restarting credit growth and putting in new fiscal stimulus measures, these dramatic changes have made the stock market almost completely recover from its loss in the fourth quarter of last year.
"Under the loose monetary policy of the Federal Reserve and Beijing, the economic outlook is expected to remain robust this year, but we remain cautious." Luca Paolini, chief strategist at Baida Asset Management, commented.
According to market forecasts, global corporate earnings are expected to grow by 6% this year, a significant slowdown from last year's strong growth of 15%.


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