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.”
多頭們正逐漸收斂拳腳。一個月前，摩根士丹利(Morgan Stanley)——新興市場真正的信仰者——表示，它正削減對發展中國家股票的敞口。如今，在中國股票成為其上月表現最差的新興市場股票之后，它正特別削減對中國股票的敞口。這是漫長的年中盛宴結束的信號。但在此之后，摩根士丹利分析師更可能去拿香檳，而非消食片。在享受了上證綜指7-10月24%的反彈之后，他們樂得稍微降低自己承擔的風險。