Indian equity market’s resilience may be a signal that a new investment cycle is nearer at hand than the consensus thinks, said Christopher. Markets are now driven by politics instead of central banks, according to Christopher Wood, an equity strategist at investment group CLSA. ABOUT Christopher Wood. Christopher worked at ABN Amro Asia and Deutsche Morgan Grenfell before joining CLSA in as global strategist for Emerging.

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Fill in your details: Clearly, growth is going to slow in that area as a result of the shock waves from the triple A credit defaulting. My Saved Articles Sign in Sign up.

That has made it harder to read the data series. Actually India was performing better than my base case expectation in the first eight months of this year but then we had the shock of a default by a triple AAA rated company which triggered some significant downside that obviously was not my base case.

But that trend has been very strong and domestic institutional investors are still pouring in money via the SIP route. If, however, I am wrong and there is no trade deal between US and China, then it is christophrr bearish. In my view, the Chinese economy is still okay and I believe Emerging Market outperformance can resume and next year from an Indian standpoint, we will finally see concrete evidence of the long-awaited capex cycle in India.

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Capex cycle revival, Modi re-election key for rally: CLSA’s Chris Wood

Never miss a great news story! If there is a trade deal, then we can get a decent counter-trend year-end rally which will be led by Asian equities outperforming. A non-BJP government in not impossible: I am telling investors to own quality property stocks that will benefit from the healthy consolidation of the residential property sector which will be the consequence of the double shock of demonetisation and RERA.

Your Reason c,sa been Reported to the admin. You have always been very positive about Indian HFCs. Foul language Slanderous Inciting hatred against a certain community Others. CLSA maintains its woid overweight stance on India.

Market Experts Advice, Recommendations, Information & News by Christopher Wood at

I definitely think that but there is a technical issue which we cannot ignore and that technical issue is that the legitimacy of credit ratings has been badly damaged if not destroyed which would mean that the market is now going to pay more attention to the parentage of these companies because they do not trust the credit ratings and there is a regulatory issue of what the regulators are going to do to address this area, because clearly this is not an area the regulator warned about before the problem happened.

Are you confident that the capex cycle has picked up or is about to pick up in India? A stable coalition can lift Nifty past 12,; may fall to 10, if weak: Get instant notifications from Economic Times Allow Not now.

How would you map the risk-reward ratio for equity as an asset class? So how does this change the equation for markets and especially for liquidity? China is more interesting in the short term than India: I started the year triple overweight India. Pledged share issue in India not as grave as China: That to me is a pleasant surprise. It is a positive because foreigners have christoher selling and that is just playing good news because it makes the stock market much more resilient.


NIFTY 50 10, 2. You have always been a long-term believer in India. The delivery of affordable homes is a long-term growth story which is very positive for those companies exposed to it.

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Technicals Technical Chart Visualize Screener. The unpleasant surprise in India was the bond default. Read more on CLSA. In the short term, it depends on whether you believe there is going to be a trade deal at the G summit or not.

Choose your reason below and click on the Report button. But my base case is at some point next year, the US monetary tightening will end and the dollar will peak out. Find this comment offensive? I am still overweight India. The pleasant surprise this year has been the equity inflows have been maintained to a greater degree than most of us were expecting. Asia is the market that has been hit most by the so called US-China trade war. Never miss a great news story!