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Russia Stocks End Flat as Energy Shares Support MOEX Index 
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Chinese Stocks Rally to Two-Year Highs: Optimism Over Beijing Stimulus
Chinese stock markets experienced strong gains over the past three weeks, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes surging between 16% and 20% since late September. This rally pushed the indices to their highest levels in two years, driven by growing optimism over Beijing’s fiscal stimulus measures.
UBS Analysts Maintain Positive Outlook
Despite the recent cool-off in the rally, UBS analysts remain optimistic. They emphasized that while Chinese stocks are no longer as undervalued as a month ago, there is still significant upside. UBS continues to maintain an Overweight rating on local stocks, pointing to long-term growth potential.
Beijing's Fiscal Stimulus: Progress and Concerns
China's Ministry of Finance recently introduced a range of fiscal measures, including increased debt issuance, property market relief, and more support for provincial governments. However, investor sentiment was dampened by the lack of specific details on the timing and scope of these measures. There is also concern over the absence of initiatives aimed at boosting consumer spending, a key driver of economic recovery.
Capital Outflows from India Signal Market Shift
Interestingly, UBS analysts noted that China's recent stock market gains coincided with significant capital outflows from India, another major emerging market. This shift in sentiment aligns with UBS’s Underweight rating on Indian stocks, indicating a broader trend of investor preference for Chinese markets amid Beijing’s ongoing stimulus efforts.
