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Marc Faber Benedicte Gravrand, Opalesque Geneva:
Last week was a turbulent week in some Asian countries as the sell-off intensified. And this turbulence is set to continue, says Marc Faber.
Indeed, investors have been exiting the Indian and Indonesian currencies following months of decline and a sharp drop last Thursday. The currencies of Malaysia, the Philippines and Thailand also declined, although by less than 1%, says the New York Times. Stock markets across most of the region fell on Thursday, but share prices rebounded slightly in India. However, China and Japan’s were unaffected by this general waning.
The Indian rupee fell to a fresh record low against the U.S. dollar (breaching the key level of 66.00 to the dollar) on August 27th, causing a selloff in local stocks, reported the Wall Street Journal. And emerging-market stocks posted the biggest drop in eight weeks on concern a conflict between the U.S. and Syria will intensify (the MSCI Emerging Markets slid by 1.8% on August 27th, said Bloomberg).
"The countries most affected when investors flee emerging markets are those that rely on the fickle inflo...................... To view our full article Click here
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