Word: kowalcyzk
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...from it's January high (The Dow is down 20% this year). Asian shares already took a hit after the rescue package failed to pass over the weekend, with shares in Hong Kong and Tokyo plunging by 5.5% and 5% respectively on Sept. 29. "It's pretty terrible already," Kowalcyzk says...
...everyone is so bearish. Kowalcyzk predicts a further decline this year of 5%. The only thing that seems certain is ongoing volatility as expectations of a U.S. recession continue to mount. Americans may get the worst of it, but Asians will certainly feel their pain...
...reaction was not as bad as I had feared," says Dariusz Kowalcyzk, chief investment strategist of CFC Seymour, a boutique investment bank in Hong Kong. In London, David Buik, a partner with BGC Partners, sees it similarly: "After the horrendous response we saw on Wall Street and elsewhere, I think coming in around even in Europe represents a wonderful...
...bailout plan will get through. Unlike U.S. taxpayers, market actors in Asia aren't overly concerned about details like limiting golden parachutes extended to disgraced CEOs of bankrupt financial companies, or whether the U.S. government gets enough equity for their investment. "They just want something to be passed," notes Kowalcyzk...
...seen the impact in the corporate sector yet," says Irene Chung, a corporate director in ABN Amro's Asian markets trading business in Singapore. 'That's the scary part.' Chung expects a further decline of 20% to 30% in Asian equity markets. Not everyone is so bearish; Kowalcyzk predicts a further decline this year of 5%. But with most Asian markets already down 30%, or close to it, since January, 'It's pretty terrible already," he says...