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US—Not China—Drives Asia: Strategist
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Asian markets are more closely tied to the S&P 500 than China's Shanghai Index, Andrew Freris, senior investment strategist at BNP Paribas Wealth Management, told CNBC on Tuesday.
"There is very little direct correlation between percentage changes in the Chinese equity markets and the rest of Asia", Freris said on SquawkBox Asia.
China is a closed stock market driven primarily by domestic concerns, as opposed to the U.S. markets, he said.
"Now if we were to look at the rest of markets in Asia, their drive and their movements will be much more correlated with the S&P or the Dow Jones and here is where we are having some of the problems," Freris said.
U.S. markets are incredibly jittery now and there is no clear data to show that we are at the start of a secular bull market, he added.
While a sharp selloff in China can cause losses around Asia, it's not the main driver, he said.
"I don't think China is driving the rest of the world, I think that's a little bit of an over exaggeration," Freris added.
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