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Speaker 1: Let's get to our guest, Minishi Ray Choudry is with us,

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Speaker 1: head of a pack equity research at BNP Paribah, on

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Speaker 1: the line from Hong Kong. Minishi, thanks for joining us.

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Speaker 1: We're talking about the FED that the likelihood that we're

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Speaker 1: not going to get a pivot anytime soon because inflation

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Speaker 1: is still very much out of control and the FED

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Speaker 1: has no choice but to be restrictive caveat here is

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Speaker 1: until something breaks. Do you see something breaking? Um? The

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Speaker 1: only risk seems to be um. You know, as far

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Speaker 1: as some of the European banks I concerned, where a

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Speaker 1: potential self fulfilling prophecy could you know, gives give rise

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Speaker 1: to some disruption um. And so but apart from that,

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Speaker 1: I think if yone goes by the articulations of the FED,

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Speaker 1: it is clear that domestic inflation is front and center

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Speaker 1: of their attention. So UM, even we believe that it's

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Speaker 1: unlikely that we would get that pivot anytime soon. So

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Speaker 1: we're on the cusp of another earnings season. In terms

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Speaker 1: of guidance, particularly, is that something that could break going ahead? Um,

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Speaker 1: that is more probable you know, in fact, especially in

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Speaker 1: the develop markets in Europe and the United States, we

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Speaker 1: expect the earning season to be UM quite you know,

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Speaker 1: disastrous too for lack of a better word, and it

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Speaker 1: would almost certainly give rise to another round of earning

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Speaker 1: estimate downgrades for twenty three and four UM. We actually

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Speaker 1: expect the down grades to be more severe in the

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Speaker 1: developed markets than in the emerging markets. In emerging markets,

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Speaker 1: particularly in Asia, analysts have been downgrading estimates for the

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Speaker 1: past two years. European years have started just about now.

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Speaker 1: So Manishi, if you're putting money to work, I know

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Speaker 1: that your fort is apac equities. Are you finding opportunity

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Speaker 1: right now? In Asia? In Asia, if one looks at

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Speaker 1: a total of two in fact, possibly from the last

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Speaker 1: quarter of twenty one, India and Southeast Asia are possibly

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Speaker 1: the only markets I mean, they have been kind of

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Speaker 1: an island UM. We think that that out performance would

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Speaker 1: likely continue for some more time UM, at least in

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Speaker 1: the near term, because those are a sort of the

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Speaker 1: growth assured markets UM. India is possibly the only large

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Speaker 1: market which falls in that bracket UM, even though it's

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Speaker 1: kind of egregiously expensive when one looks at two relative

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Speaker 1: valuations UM. But given the uncertainties surrounding the large North

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Speaker 1: Asian markets like China, Korea and Taiwan. And given the

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Speaker 1: probability that such uncertainty is likely to continue for some

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Speaker 1: more time, um I think investors would continue to ignore

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Speaker 1: valuations for the time being and look for some degree

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Speaker 1: of growth assurance. Interesting Minishia, good stuff. Thank you so

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Speaker 1: much for being with us. Some Minishi Ray Chowdery as

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Speaker 1: head of a pack acuity research joining us from Hong

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Speaker 1: Kong Minishi is UH with B and P Paraba