EVERY day, fund manager Nicholas Ferres asks himself if today is the day to buy China. So far, his conclusion is: not yet.
Even as China stocks look cheap and are rallying, the investment director at insurer Prudential's asset management arm, Eastspring Investments, is staying cautious.
"You probably want a bigger capitulation. We had a grinding de-rating," he said.
He is instead bullish on Japan because of fundamental reasons when comparing the two countries. Profitability and free cash flows are rising...