A major selloff of Chinese stocks stemming from Beijing's regulatory crackdown on private businesses in a variety of sectors, including technology and education, is likely a "localized" phenonemon, John Bilton, the head of global multi-asset strategy at J.P. Morgan Asset Management, told Bloomberg TV on Tuesday.
Bilton said fears may spread to the United States and Europe, where "investors who perhaps have got a little bit more ... nervousness to them may want to ... sit on their hands." But, he continued, "let's make no mistake: What you're seeing going on right now is a classic battle between earnings delivery, which is coming through strongly out of the U.S., strongly out of Europe, and then you're seeing a reminder of some of the regulatory issues that persist within China."
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