Stock markets in South Korea, Japan and India are beneficiaries of the disappointing economic data that has clipped confidence in China.
showed. The total MMF assets under management stood at 172.7 trillion South Korean won , or a 22% rise since the end of September last year.is a type of fund that invests in highly liquid, near-term instruments, including cash, and is seen as a place of safety amid a volatile market.: "The increase was driven by institutional investors pivoting assets towards high-quality investments, such as MMFs," adding that rising interest rates across the world have also contributed to the shift.
In contrast, newly launched funds in China marked the smallest holdings since 2019 for the first five months of this year, having raised a total of 432.1 billion Chinese yuan , according to data from local consultancy Z-Ben Advisors.There is also growing interest in investing in India, according to Goldman Sachs.
"Clients increasingly ask about India's potential to benefit from greater investment amid supply chain reconfiguration," Tilton said. The firm said it is "generally positive in the medium term," citing India's continued monetary policies, credit conditions, and its prospects for attracting foreign direct investment.
The firm also raised India's full-year gross domestic forecast for 2024 from 5.5% to 5.8% and expects the RBI to deliver two rate cuts in the first quarters of 2024, bringing its repo rate to 6% by mid-2024. "India's economy is much improved from a year ago," Bhandari said. "GDP growth momentum has been steady as per the latest high frequency data, with the informal sector picking up the slack as the formal sector growth softens," she said.
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