This small basket of diverse income stocks will yield, on average, more than 8% annually.
HONG KONG/SHANGHAI (Reuters) - Despite mounting signs of a Chinese economic slowdown, 2019 is off to a good start for fund manager Du Zhenye. "I don't dare say it's already the bottom of the stock market," Du said. According to Shanghai consultancy Z-Ben Advisors, assets under management (AUM) at domestic equity mutual funds shrank 12 percent in the fourth quarter from a year earlier to 194 billion yuan ($28.62 billion) while fixed income funds expanded 20 percent to 3 trillion yuan.
Despite minor losses, this much-maligned asset class still topped the stock market.
U.S. stocks markets are closed Monday in observance of Martin Luther King Jr. Day. Foreign financial markets were open, with world stocks falling after China reported its economy expanded by just 6.6 percent in 2018, its slowest pace since the slump that followed the crackdown on protests centered on Tiananmen Square in 1989. Germany's DAX fell 0.5 percent to 11,155 while the CAC 40 in France slipped 0.2 percent to 4,866.
London's stock market climbed Monday, aided by a falling pound, with traders awaiting the UK government's Brexit "Plan B" after the country's parliament voted down Prime Minister Theresa May's original EU divorce deal.