A turn for the worse. As anticipated in our 30 Apr Market Update (Taking Stock – Position For More Volatility Ahead), the market has taken a negative turn. Notwithstanding the 1Q2010 GDP growth of 10.1% yoy, the next few quarters will likely be more meaningful as growth begins to normalise. We do not see any good news in the near term:
o No more double-digit GDP growth – As highlighted by RHBRI’s economics team (see Economic Highlights dated 13 May), GDP growth for 2H 2010 is expected to weaken to 4.8% vs. 8.8% in 1H.
Market Update - Market Momentum - Pick and Choose - 21/5/2010
No comments:
Post a Comment