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Chinese stocks as a whole make up 16 percent of all global equities by market capitalization, which exceeds Europe's 15 percent representation.
The Wall Street Journal, citing data from Bespoke Investment Group, reported that onshore Chinese equities and Hong Kong equities have once again accounted for a bigger piece of the global equity pie.
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Chinese stocks overtook European equities for the first time ever in 2015, but this didn't last long as the Chinese market suffered a dramatic plunge a year ago. However, Chinese equities overtook its European counterparts once again on June 27 and remained on top for the most part as the Stoxx Europe 600 index is lower by around 6 percent on the year and lower by around 10 percent since hitting its 2015 highs.
"China and its equity market have been on a steady march," WSJ quoted Michael Thompson, managing director and chairman at S&P Investment Advisory Services as saying. "They have become ever increasingly integrated into the world economy, particularly as a manufacturer, and its economy and equity markets [have] grown as a result."
Bespoke's George Pearkes also told WSJ he has observed a "global shift" away from European capital markets which contributed to the negative sentiment against European stocks.
However, he did acknowledge that many Chinese companies aren't as transparent and open as Western companies are so the calculations in the findings are somewhat speculative.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.