Time for Chinese growth to drive global markets

The most important new tailwind for global growth in 2023 – a durable, comprehensive economic reopening in China – has been undermined in February amid a reemergence of geopolitical strife and a counter-trend rally in the US dollar. In our view, the pullback across many China-sensitive areas of financial markets marks consolidation on the heels of strong gains and is an opportunity to position for a renewed push higher.