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Asian Markets Surge as Japan Election, Fed Rate Cut Bets, and Tech Rally Lift Global Sentiment 
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Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
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Trump Win May Trigger Chinese Stock Decline and Spur Beijing Stimulus, JPMorgan Predicts
According to JPMorgan, a Donald Trump victory in the 2024 U.S. presidential election could result in a significant sell-off in Chinese stocks, pushing Beijing to ramp up fiscal stimulus efforts to stabilize its economy. Trump's strong stance on China includes plans for heightened trade tariffs if re-elected, which could lead to further economic pressures on Beijing, potentially requiring new economic support measures.
JPMorgan analysts noted that a second Trump administration might employ a more assertive approach to tariffs and other trade policies. They stated, “A Trump 2.0 scenario would likely mean increased tariffs and escalation tactics, leading to a probable initial sell-off in the Chinese markets.” In response, China may also impose its countermeasures.
To manage potential economic disruptions, JPMorgan expects that Beijing might introduce additional stimulus to boost demand, stabilize markets, and strengthen domestic industries. The investment bank highlighted China Galaxy Securities and Semiconductor Manufacturing International Corp as potential winners if Beijing increases fiscal support to counteract external pressures.
In contrast, JPMorgan views a Kamala Harris victory as potentially bolstering Chinese market optimism. Under her leadership, Chinese export-oriented stocks, such as Qingdao Haier and Midea Group, might benefit from increased global trade and cooperation.
Additionally, China's National People’s Congress Standing Committee is expected to meet this week, with analysts forecasting a significant fiscal spending plan to support economic stability amid global uncertainties. Experts anticipate a new stimulus package totaling at least 10 trillion yuan ($1.4 trillion).
