0419 GMT - The sharp selloff in global markets due to tariff-driven fears of slower growth hasn't deterred HSBC from being overweight on China, Hong Kong and Indonesia. While valuations in Asia will take a hit, analysts led by Herald van der Linde think the tariffs' direct impact on earnings in domestically oriented markets such as China, Indonesia, India and the Philippines will be limited. They note that Chinese household deposits are at record levels, and domestic flows have held up strongly in India. There are also early signs of earnings upgrades for Chinese companies, they say in a note. As for South Korea and Taiwan, whose companies are exposed to global demand and play a key role in the AI supply chain, HSBC prefers the former, citing the low level of valuations there. (farah.elias@wsj.com)
(END) Dow Jones Newswires
April 08, 2025 00:19 ET (04:19 GMT)
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