Morgan Stanley is bullish on these Asia-Pacific markets as they bounce back from the pandemic

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Morgan Stanley is bullish on these Asia-Pacific markets as they bounce back from the pandemic

cnbc2021-03-10

KEY POINTS Morgan Stanley is bullish on Australia, India and Singapore – Asia-Pacific countries that have handled the coronavirus pandemic better than elsewhere, says Jonathan Garner, managing ...

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·2021-03-27
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But we’re now well through the worst of the valuation adjustment for the banks,” he said.\nGarner also noted Australia’s growth is rebounding “very significantly” and said the country is “one of the geographies that’s probably handled the Covid situation better than elsewhere.”\nAustralia’s economy expanded at a faster-than-expected pace in the fourth quarter of 2020, and there are signs that 2021 has started on a firm footing too, helped by massive monetary and fiscal stimulus.\nThe economy accelerated 3.1% in the three months to December, data from the Australian Bureau of Statistics showed.\nIndia: V-shaped bounce\nSimilarly, Garner is bullish on India’s management of the pandemic, saying that it has handled the crisis better than some countries in Latin America and the Middle East.\nAccording to data compiled by Johns Hopkins University,India has the second highest number of Covid-19 cases, behind only the United States. More than 157,900 people have died of complications related to the disease. But the country has recorded a steady decline in the number of daily new deaths since October, as the government continues to makeprogress in its vaccination rollout.\n\n In terms of GDP growth and the kind of countries that we expect will exhibit the most V-shaped bounce back – India is right at the forefront of that.Jonathan GarnerMORGAN STANLEY\n\nIndia stands to benefit frompolices and reforms announced in the February budgetthat are aimed at getting growth back on track, according to Garner. He explained that the budget included “constructive” measures such as continued fiscal support for the economy. There were also announcements related to the government’s commitment to privatizing state-owned assets, he said.\n“In terms of GDP growth and the kind of countries that we expect will exhibit the most V-shaped bounce back – India is right at the forefront of that,” Garner added.\nS&P Global Ratings predicted in February thatIndia is on track to recoverfrom the pandemic-induced contraction and South Asia’s largest economy could grow 10% in fiscal 2022. But, some analysts have warned thata potential consumer credit crisis could derail progress.\nSingapore: helped by higher oil prices\nWhile Singapore handled the pandemic well by global standards, it stands to gain from other countries reopening their economies and implementing policies aimed at higher spending and output expansion.\nThe city-state is also set to benefit from higher oil prices, according to Garner.\nSingapore is anet importer of oil. The country is a major player in the global offshore and marine industry where local companies dominate the market for oil rigs construction. It is also an important source of refined oil. Developments in these areas directly affect the Singapore economy as well as the stock market.\nBrent crude futuresjumped above $70 for the first time in more than a yearon Monday, after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. But the global benchmark could not continue the momentum and prices retreated to below $70 after the kingdom said its oil facilities did not suffer any significant structural damage.\nSingapore is “positively geared to the upside surprise that we’re getting in oil, which again it’s an interesting feature of the current environment. The energy sector is starting to work quite well globally,” he said.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":356720800,"gmtCreate":1616818050300,"gmtModify":1704799384759,"author":{"id":"3578454236921942","authorId":"3578454236921942","name":"UNCLEUNCLE","avatar":"https://static.tigerbbs.com/39d9ac757e81155e380be67c7f350841","vip":1,"crmLevel":3,"crmLevelSwitch":1,"idStr":"3578454236921942","authorIdStr":"3578454236921942"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/356720800","repostId":1177283288,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":18,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}