Set for an­other

Finweek English Edition - - FINFUND -

Since our edi­tion last year, mar­kets have been some­what mixed. The four big­gest stock mar­kets recorded sharp losses in the first two months of this year for the first time in four years, as tur­moil in emerg­ing mar­kets spread to the de­vel­oped world.

The spread­ing gloom was prompted by a mass ex­o­dus from emerg­ing mar­kets, with in­vestors pulling money out of them at a sig­nif icant rate. Some $12.12bn f lowed out of eq­uity mar­kets in gen­eral dur­ing Jan­uary and this in­cluded net sell­ing of R25bn in South African eq­ui­ties by for­eign­ers.

How­ever, we cov­ered con­sid­er­able ground dur­ing the past month, meet­ing with leading an­a­lysts and fund man­agers, and came away en­cour­aged with the vastly im­proved longer-term out­look. The fun­da­men­tals in most de­vel­oped economies have im­proved sig­nif­i­cantly dur­ing the past year and eco­nomic in­di­ca­tors are stronger than they were six months ago.

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