Citigroup CEO Vikram Pandit grabbed a few headlines last week after making comments reflecting an optimistic viewpoint of emerging markets.
While high beta stocks significantly outperformed in the United States, the same cannot be said for Asian markets, many of whom struggled on the back of Japan. Nippon underperformed as the result of poor trading in financials and power companies.
If you think Sex And The City proves Manhattan is the epicenter for narcissism and conspicuous consumption, think again. According to the Financial TImes, the world’s first handbag museum opens today in an upscale shopping district of Seoul, South Korea.
Asian markets finished mixed after Ben Bernanke’s much-anticipated press conference on the health of the U.S. economy did not have a discernible effect on Asian markets. As well, more fears over the prospects of the Chinese economy adversely affected some Asian markets.
Negative sentiment on China continues to drag other emerging markets down, and will likely keep on doing so until more concrete stimulus measures are announced. It’s not all doom and gloom though, as Russia, India, and Mexico can attest.
In a surprise move, the Bank Of Korea has cut interest rates to stimulate as a global economic slowdown threatens the South Korean economy.
Asian markets managed to finish the day mixed in spite of poor GDP numbers from the Chinese economy and a sub-par performance from American exchanges on Thursday.