US technology giants such as Intel stand to benefit as China reopens. The Nasdaq has performed strongly over the past month, having previously lagged.

So far, the Q4 2022 reporting season has left a mixed impression, with only 67% of the S&P500 companies launching Q4 2022 results that positively surprised the market. But as the US 10-year Treasury yield has declined from 4.2% in October 2022 to 3.5% today, tech stocks historically valued with high P/E ratios should benefit the most.
 
As a swifter reopening scenario for China has become more probable, US stocks with significant Asian revenue exposure, such as Qualcomm, NVIDIA, Tesla, and Dupont, have outperformed the rest of the S&P500 companies with less foreign sales exposure. When viewing S&P500 tech companies, Intel Corp's share is trading at levels not seen since late 2015. Given their 44% revenue exposure to China and a weakening USD against the Renminbi, the Intel share could get support in Q1-Q2 2023 as the sales outlook improves from the region.

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