ID :
68566
Wed, 07/01/2009 - 12:24
Auther :
Shortlink :
https://www.oananews.org//node/68566
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Asia first beneficiary of US recovery; China,India bright spot
New York, June 30 (PTI) Asia will be the first
beneficiary of a recovery in the US economy, which is likely
to be in late 2010, with India and China being "bright spots"
for multinational companies, says global brokerage firm CLSA.
In an interview to the Forbes magazine, CLSA Asia Pacific
Markets outgoing Chairman Rob Morrison said, "You will
probably start to see a turnaround in the US economy around
late 2010. Asia will be the first beneficiary of that. Growth
will accelerate quickly here in Asia than it will in the US."
Asked whether India and China were the bright spots in
the global economy for multinationals, Morrison said that Asia
in general was still a bright spot.
"Liquidity is starting to free up globally, so
ultimately, people looking for investment returns are going to
be drawn to Asia again," he said.
About India, Morrison said that general elections in the
country were huge boost and "India is the sole economy in Asia
that is not export-dependent".
Further, China was a relative "bright spot" with eight
per cent growth looking unbelievable compared to the US and
Europe, Morrison said in the interview to the magazine.
The Hong-Kong based CLSA's Chairman Rob Morrison would
retire this week after 10 years of service at the company and
would be succeeded by chief executive officer Jonathan Slone.
In an outlook for the global economy, Morrison said that
worst has been seen in the US, but we are still to see the
bottom in both the US and the UK.
"Asia cannot escape the fact that Western consumers have
stopped spending. Until such time as you see a turnaround in
Western consumer habits, you cannot see a recovery," he said.
Asked if Asian markets had climbed up significantly this
year, he said, "We are probably pretty close to the end of the
relief rally. In terms of earnings, I think there is a lot of
pain that companies are going to be taking through 2010."
Meanwhile, the CLSA Chairman said that the long term
growth for companies worldwide would undoubtedly come from
Asia. PTI MBH
RAI
NNNN
beneficiary of a recovery in the US economy, which is likely
to be in late 2010, with India and China being "bright spots"
for multinational companies, says global brokerage firm CLSA.
In an interview to the Forbes magazine, CLSA Asia Pacific
Markets outgoing Chairman Rob Morrison said, "You will
probably start to see a turnaround in the US economy around
late 2010. Asia will be the first beneficiary of that. Growth
will accelerate quickly here in Asia than it will in the US."
Asked whether India and China were the bright spots in
the global economy for multinationals, Morrison said that Asia
in general was still a bright spot.
"Liquidity is starting to free up globally, so
ultimately, people looking for investment returns are going to
be drawn to Asia again," he said.
About India, Morrison said that general elections in the
country were huge boost and "India is the sole economy in Asia
that is not export-dependent".
Further, China was a relative "bright spot" with eight
per cent growth looking unbelievable compared to the US and
Europe, Morrison said in the interview to the magazine.
The Hong-Kong based CLSA's Chairman Rob Morrison would
retire this week after 10 years of service at the company and
would be succeeded by chief executive officer Jonathan Slone.
In an outlook for the global economy, Morrison said that
worst has been seen in the US, but we are still to see the
bottom in both the US and the UK.
"Asia cannot escape the fact that Western consumers have
stopped spending. Until such time as you see a turnaround in
Western consumer habits, you cannot see a recovery," he said.
Asked if Asian markets had climbed up significantly this
year, he said, "We are probably pretty close to the end of the
relief rally. In terms of earnings, I think there is a lot of
pain that companies are going to be taking through 2010."
Meanwhile, the CLSA Chairman said that the long term
growth for companies worldwide would undoubtedly come from
Asia. PTI MBH
RAI
NNNN
