EMERGING European countries such as Russia and Turkey will be at the forefront of the recovery in global equity markets into next year, according to Hexam Capital Partners, Resolution's joint venture boutique specialising in emerging market equities.
Stuart Richards, manager of the Resolution International Hexam Emerging Europe fund, sees the recovery being driven by the region’s banks that have been largely immune to the sub-prime problems afflicting some western financial institutions. He said: “The first recovery will come not from the US dollar and US markets but from emerging equity markets, which will be performing well by the end of the year. “It is important to remember that the current situation is nothing like the 1998 market meltdown which saw currency devaluations and Russia defaulting. “Emerging Europe is now much stro...
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