October 16, 2025 09:00 PM GMT China Equity Strategy | Asia Pacific A-Share Sentiment Cooled Down US/China Tension Re- Escalates Market sentiment cooled down amid slower credit growth and lukewarm holiday spending while US/China trade tension re- escalated ahead of the APEC summit. We consider a tactical truce as our base case but do not recommend risk-on at the moment. OW A-shares if tension extends beyond Nov-25. A-share investor sentiment cooled down vs. previous cycle: Weighted and simple MSASI declined ...