Resolving this crisis of confidence requires either more granular information or getting independent confirmation of asset quality. It has been two months since Infrastructure Leasing and Financial Services (IL&FS) first defaulted on its debt-market obligations. .. Read more
Despite the recent dip, most investors do not view the broader Indian markets as particularly cheap. I had the opportunity to spend last week in the US, meeting up with a bunch of global investors. .. Read more
The IL&FS crisis has been badly managed. There seems to have been a systemic breakdown of accountability and governance. The Indian financial markets are in a state of turmoil at the moment, with issuers and investors in both debt and equity under pressure. .. Read more
Continued weakness in EM equities will ironically lead to capital flows into India as global investors seek a hiding place. The US stock markets have crossed into a record territory, the longest bull market on record.
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A strengthening dollar, rising interest rates, tightening liquidity and a surge in oil prices – all are combining to create a toxic atmosphere for EM assets. EM (emerging market) assets have had a tough year to date. .. Read more