Standard Chartered is overweight on India on the back of positive sentiment and pluses on the policy front. Gill feels the markets have seen stage one of multiple-driven rally and would be looking for more optimistic earnings expectation.
On emerging markets, he says most of Asia looks in "pretty good shape" and feels key exporters in North Asia like Korea and Taiwan, will benefit from higher Fed rates.
The US Federal Reserve has made it clear that while the taper would end in October, there's still sometime to go in for a hike in interest rates.
On Scotland voting 'no' to independence, Gill says it could have potentially been a risk event for the sterling pound, but the results show that the risk has been averted.
Below is the transcript of Manpreet Gill's interview with Ekta Batra & Anuj Singhal on CNBC-TV18.
Ekta: The Scotland Referendum is now out of the way and it was a vote of a 'No' from Scotland. So, they are going to continue to be a part of the United Kingdom. What does this mean for global asset classes? Is this an overhang which has been removed or it wasn't that much of a game changer in any case?
A: You could have argued that if Scotland had decided to separate that might have created some issues for predominantly UK as such and possibly for Europe as well but globally we never so it as a massive game changer. However, given that the votes seems to have turned firm in staying with the UK, looks like its an event, something that potentially could have been a risk event for sterling for example that now seems to be behind us, markets are relieved that is behind us and they are ready to move on and focus on the fundamental issues at stake.
Anuj: So in that case, let us talk about emerging markets. What do you think is the road ahead for emerging markets from hereon because the Fed quite clearly made it clear that while the taper would end in October, still sometime to grow for interest rates to rise from here? In the current environment, how do you think emerging markets should perform?
A: I think emerging market will end up being a fairly differentiated picture. It is a fairly diverse group of countries. So we will see different impact in different parts of the emerging space. In our view, most of Asia looks like it is in pretty good shape and when you start looking at many of the key exporters in North Asian markets like Korea or Taiwan, they should benefit from higher Fed rates eventually even if you see some short-term volatility because ultimately they are good for US growth and in turn they are good for Asian exports.
In other parts of Asia, look at India, Indonesia are clearly much more focused on what is happening domestically and maybe with the exception of Indonesia in relative terms most countries face decent fundamentals.
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