So this is how bulls put their feet up. A month ago, Morgan Stanley - a true believer in emerging markets - said it was reducing its exposure to developing-world stocks. Now it’s scaling back on China in particular, after the country’s equities were its worst EM performers during the last month. That’s a sign that the long mid-year party has ended. But, in the aftermath, Morgan Stanley analysts are more likely to reach for champagne than Alka-Seltzer. They can afford a little less risk now, having enjoyed the rally that took the Shanghai Composite up 24 per cent between July and October (see chart below). Morgan Stanley promoted China’s appeal as early as May, suggesting in a report that investors looking “for an asset class that can truly generate independent, non-correlated returns… [should] focus on Chinese equities.”
多头们正逐渐收敛拳脚。一个月前，摩根士丹利(Morgan Stanley)——新兴市场真正的信仰者——表示，它正削减对发展manbetx3.0 家股票的敞口。如今，在manbetx3.0 股票成为其上月表现最差的新兴市场股票之后，它正特别削减对manbetx3.0 股票的敞口。这是漫长的年中盛宴结束的信号。但在此之后，摩根士丹利分析师更可能去拿香槟，而非消食片。在享受了上证综指7-10月24%的反弹之后，他们乐得稍微降低自己承担的风险。