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market | IST

Recommend buying on dips; positive on India, neutral on Asia: Standard Chartered Wealth

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Steve Brice, Chief Information Officer at Standard Chartered Wealth Management, believes it is a buying on dips environment in the market as we approach year-end. He further mentioned that while he is neutral on Asia, he is positive on India.

Steve Brice, Chief Information Officer at Standard Chartered Wealth Management, believes it is a buying on dips environment in the market as we approach year-end. Brice mentioned that normally this is the strongest period for global equities, however the unprecedented times that have continued over the last two years have cast a shadow but Brice is hopeful that the market will be seeing volatility pick-up. He further mentioned that while he is neutral on Asia, he is positive on India.
“Usually when you get to November through April, we see significant gains for global equities, so seasonally this is the strongest period of the year. We have been in an unprecedented environment for two years and seasonality hasn’t worked that well but overall, we should continue to see volatility pick-up but ultimately, we do believe it is a buying on dips environment as we go into the end of the year,” he said, in an interview to CNBC-TV18.
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Within neutral allocation to Asia, he would be overweight on India, Brice mentioned.
“We are neutral on Asia as a whole. We still believe that US and Europe are going to outperform. Within Asia, we still have preference for India. We believe in the growth dynamics there and also with COVID-19 vaccinations picking up etc., the overall story is still pretty positive for investors. So, within the neutral allocation to Asia, we would be overweight on India,” he mentioned.
There is a possibility of widespread lockdowns around the world and clearly that would undermine the global environment, he noted.
The US sell-off has been extremely marginal. “We are still extremely close to all-time highs. We are seeing a little more downside coming through in Europe. It is not the cases as much, but how many people are dying from this and how much you are seeing in terms of ICU utilization etc., – those are the things that are worrying people going forward. In the short-term, it looks likely that we will see further uncertainty and volatility coming through in European markets,” Brice said.
For the full interview, watch the accompanying video.
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