Trump-Kim meeting is not very important for equity markets, says UBS
Geoffrey Dennis, head of Global Emerging Market Strategy at UBS, disapproved of the Trump-Kim meeting to be an important affair for the equity market, saying that the Fed meeting is probably more important this week than the summit.
“I think the most interesting thing will be- does the Fed formally go from three rate hikes this year to four rate hikes. We think there are going to be four rate hikes taken the year as a whole," he said.
Talking about India, he added, “We are neutral on India. Investors are almost sceptical about the growth story now, the earnings numbers are not coming through as anticipated and with that backdrop, this market looks too expensive."
US President Donald Trump and North Korean leader Kim Jong Un shook hands and smiled as they started a historic summit on Tuesday, just months after they traded insults and threats of nuclear war.
For both men, the summit, the first between leaders of North Korea and the United States, is likely to be a defining moment of their careers.
The meeting would have been unthinkable last year when tensions spiralled in the region over North Korea's nuclear and missile programmes as it raced towards the goal of developing a nuclear-tipped missile capable of hitting the United States.
First Published: Jun 12, 2018 9:17 AM IST
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