On the other hand, they see markets like India benefiting as corporations try to rework their global supply chains.
“We recommend investors add exposure in automation, banks and industrials stocks in North America, India and Southeast Asia—likely beneficiaries of the shifts in supply chain,” says Bank of America Merrill Lynch in a note highlighting that supply chains worth $22 trillion market cap are on the move.
While the Indian economy faces headwinds in the form of slowing economic and sluggish corporate earnings growth, analysts say it is still safer. “With the issue of coronavirus emerging, India looks better than some other markets exposed to stuff like tourism,” says Saion Mukherjee, India equity strategist, Nomura.
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