Wall Street investment banks cut China forecasts

Wall Street banks Goldman Sachs, JPMorgan and Morgan Stanley all cut their China growth forecasts on Monday after the country reported lower than expected import and export numbers and on concerns that the resurgent coronavirus would crimp economic activity. JPMorgan reduced its quarter-on-quarter growth estimate for the third quarter to 2.0% from 4.3% and trimmed its full-year forecast to 8.9% from 9.1%. Morgan Stanley lowered its quarterly growth forecast to 1.6% from while Goldman cut its estimate to 2.3% from 5.8% and to 8.3% versus 8.6% for the full year.