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China far from recession, auto sales up 8% this year: Mowat

Adrian Mowat of JPMorgan believes China is far from being in recession. He bases his argument on the strong data coming out of the country that shows that auto sales have risen 8% and home sales are up 20% this year

After Brazil’s investment-grade credit rating was lowered to ‘junk’ status by Standard & Poor’s, Adrian Mowat, chief Asian and emerging market equity strategist at JPMorgan, says the market has been talking about Brazil’s downgrade for many months now and there is in fact still a possibility of more devaluation of the Brazilian Real.

He adds there is also a risk of more downgrades to emerging markets’ growth.

The newsmaker over the past few months has been China and Mowat believes the country is far from being in recession. He bases his argument on the strong data coming out of China that shows that auto sales have risen 8 percent and home sales are up 20 percent this year. 

As far as India is concerned, he does not think it will fall as much as other emerging markets. He is bullish on private sector banks.

Mowat in fact believes that the fall in stock markets presents a good buying opportunity in emerging markets.

More to follow…

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