He suggested a few stock names: HDFC and ICICI, both mortgage banks in India, and Huaning Power, a Chinese company involved in the construction of energy infrastructure.
As we discussed the potential for another Asian currency crisis of the kind markets experienced a decade ago, Mark made a critical point that what is different this time is the ability of many companies to generate working capital from profit, thus removing the dependence on foreign fund flows.
Several significant events noted and discussed on the show: The arrival of the new CEO at Siemens; the new rule liberalizing European energy markets and a smoking ban in public places in the U.K.
The impact on Siemens is seen as positive, positive for smaller European energy providers like Poweo and positive for non-smokers!
A final thought. With meetings of the ECB and the BOE this week, Standard and Poor's have a piece of research out citing France and Spain as the countries most vulnerable to interest-rate shock. We would include the U.K., says S&P Chief European Economist Jean Michel Six - -only we are not sure we fully understand the U.K. The problem seems to be that as disposable income shrinks, U.K. consumers spend more. Now any cases as to how long that phenomenon can last?
Feedback welcome - here.