Monetary easing could very well be the dominant driver of Asian and Emerging stock markets before long.
As gloomy as the world appears at present, and with visibility as clear as mud, we believe investors who continue to derisk their portfolios at the current level are trading in their longer term interests for shorter term pain management.
Stock market recoveries are seldom ignited on the premise of improved fundamentals or visibility per se. Rather, the absence of selling is a precondition for sustainable rebounds, and often precedes any fundamental turnaround.
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