One of China’s top investment bankers says the country’s stock markets appear to be nearing “the bottom. “Chinese markets have been battered in recent months by the impact of Beijing’s “zero Covid” policy, a real estate slump, aggressive regulation and jitters about the country’s close ties with Russia.
Stocks could fall a lot further
Stocks have been tumbling all year. The Nasdaq, down nearly 25% in 2022, is in a bear market. The S&P 500 is on a six-week losing streak and about 16% below its all-time high. But could stocks still have a lot more room to fall?
Stock market ‘mauled’ by a bear market sees Goldman Sachs cut forecasts
The bears are coming out of hibernation at white glove investment bank Goldman Sachs. Goldman Chief U.S. Equity Strategist David Kostin slashed his year end S&P 500 target to 4,300 from 4,700 in a new note to clients, stating that investors have been “mauled by a 18% near-bear market plunge since the index peaked on January 3rd.” The index ended Friday’s session at 4,023.89.