After this autumn's sell-off of emerging market equities, JC de Beaulieu at State Street Global Advisors explains what will drive stocks from here – and where the dangers lie.
Emerging market companies often rely on sales growth to drive earnings, but when real GDP growth is falling, this can worry investors. The UK fund house makes a case for firms that buck the trend.
The investment banking division contributes strongly to the shortfall after a tough fourth quarter, but CEO Brady Dougan says all businesses have had a strong start to 2009.
Investment banking drives losses at UBS, while wealth and asset management report large net new money outflows. Cash bonuses to investment bankers are reduced by 95%.
In Asia, JP Morgan Asset Management is overweight only in China and Singapore, largely due to their respective stimulus packages.
Morgan Stanley says pointing out that the emperor û in this case the third quarter earnings of companies listed in the A-share market û has no clothes is not easy.