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Thursday, 24 May 2018

Mark Mobius is (as usual) the voice of reason on EM zombie apocalypse

As usual, Mark Mobius is the voice of reason. The iconic, 81-year-old EM investor, who left Franklin Templeton earlier this year to set top Mobius capital Partners, told Bloomberg yesterday that, “We still could have some downside in the emerging markets, but selectively, you have some good opportunities. Now would be a stock picker’s market.” Mobius singled out Indian financial and tech stocks and said that if the correction deepens, Chinese tech shares could start to look interesting. Also looking good: South Africa, Russia, Malaysia and South Korea.

Other stuff that’s on our radar this morning:

  • Standard Chartered and Barclays kicking the tires on a potential merger, the FT reported yesterday in an exclusive.
  • Deutsche Bank plans to cut as many as 10k jobs (or about 10% of its workforce), with the deepest cuts hitting the investment banking division in the US and the UK. (Wall Street Journal | Reuters | Financial Times)
  • The Fed’s worries that trade tensions may dampen business sentiment in the US saw the biggest fall in the two-year treasury bill yield fall so far this year. (Financial Times)
  • The UAE’s proposal to allow 100% foreign ownership of companies in the Emirates could be limited to specific industries. (Bloomberg)

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