Why one market strategist favors India, whose stock market index just hit a record high.
Bank of America’s global fund manager survey this week reported the biggest ever push into the U.S., and exit from emerging markets, on record. That result didn’t come as a big surprise to Matt Orton, chief market strategist at Raymond James Investment Management.
“India is a direct beneficiary of what China has lost during zero-COVID. As supply chains continue to diversify away from China, you’ve seen a lot of companies embrace India.
Other emerging markets he likes include Taiwan and South Korea, and he sees big opportunities in countries like Vietnam, the Phillipines and Indonesia, as supply chain reshoring candidates outside of China. “Where investors are willing to do a little bit of homework, there’s definitely opportunities in Asia ex China.”
The executives he spoke with at the conference in Israel, he added, were optimistic. “I think they all understand that 2021 was not a normal environment, and that right now, we’ve probably returned back to what normal should be, focused on profitability or a path to profitability. Everyone here is willing to put money to the work, but in the right opportunities, which I think gives me more confidence as well, that quality is going to matter more in the public markets as well going forward.
The buzz The European Central Bank is set to make an interest-rate decision, with most analysts now anticipating a quarter-point rate increase. The press conference with ECB President Christine Lagarde will be scrutinized for any clues on rate direction for the rest of the year. Berkshire Hathaway BRK.B, +0.01% sold 5.5 million shares in HP HPQ, -2.11%, its first sale since accumulating a 12% stake last year. HP shares are down 2% in premarket trading.The cyberattack on MGM sent Las Vegas back in time.Top tickers Here were the most active stock-market tickers as of 6 a.m. Eastern.
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