Global stock markets have seen US$11 trillion (HK$85.8 trillion) wiped out over the last few weeks in the most severe decline since the financial crisis in 2008.
The selloff in the MSCI ACWI Index has dramatically lowered valuations of companies across the US and Europe.
Chinese tech shares are among those which have suffered the most, but J P Morgan analysts upgraded a number of Chinese internet giants including Tencent (0700) and Alibaba (9988) to overweight yesterday, just two months after causing a stir in the financial market by calling the sector "uninvestable".
That word was supposed to be removed from the March reports before publication but slipped through in several cases because of an editorial error, people familiar with the matter said earlier this month.
This came as Goldman Sachs senior chairman Lloyd Blankfein urged companies and consumers to gird for a US recession, saying it's a "very, very high risk."
A recession is "not baked in the cake" and there's a "narrow path" to avoid it, he said.
Meanwhile, chief economic adviser at Allianz Mohamed El-Erian said the challenges including higher inflation are particularly acute for the developing countries, especially when compared with the problems facing advanced economies.
