Monday’s best web covers the largest global banks, hiring trends among India IT firms, the consequences of the Lonmin mine massacre, BP’s designs to join TANAP, and Indonesia’s plans to close its budget deficit.
After yesterday’s globally coordinated policy efforts, one might have expected Asian markets to outperform today. However, as a result of the predominant perspective that easing will do little to ameliorate the fundamental growth problems plaguing the world economy, most Asian markets dropped on the back of these maneuvers.
At Emerging Money we’ve addressed the idea of playing rate cuts through the China financial sector, which has been in a strong period of outperformance.
The world’s largest economy has now taken it on the chin in the last 9 out of 10 sessions with global and emerging market following. The old saying “sell and go away in May” seems to have been the right call for those that did just that. For the rest of us a healthy diet of risk off assets appears to be the name of the game.
With the banking sectors in two of the four BRIC markets — Brazil and China, facing short and long-term systemic challenges, Indian lenders have held up better than their counterparts, only to falter in the last few weeks.
U.S. futures point to a positive open on the back of the euro zone being green across the board with a ray of light penetrating the European cloud of uncertainty.
The People’s Bank of China announced Saturday that it would cut reserve ratios by 50 basis points effective May 18 in an effort to counter weakening growth.