Defensive and tech stocks are favoured

Defensive stocks are being favoured by Aberdeen and Credit Suisse over the short-term, while technology is being seen as a good long-term bet. Rajesh Shant, the manager of the Credit Suisse European Fund, favours defensive stocks such as utilities and insurance for 2001. He said: "As economic growth slows, investors should be drawn to the earnings stability and visibility offered by utilities. The insurance sector should benefit from favourable bond markets and is also well placed to exploit the huge opportunities in Europe's nascent life and pensions markets." Andy Brunner, the global s...