Roundup: S&P -0.33%. Dow -0.44%. Nasdaq -0.30%. Gold $1,596.10. London -0.22%. Germany -0.51%. France -1.12%.
Emerging market stocks have turned in their worst Q1 performance since 2008. Money managers are cutting exposure first, asking questions later, with a BAML survey showing them selling emerging markets to boost S&P 500 holdings. Bulls say emerging markets will lead the next stage of the global rally as record low interest rates send investors into riskier securities. Pessimists say the trend will continue as investors favor more transparent markets. (SA, Bloomberg)
China’s crude-steel production has reached a “plateau,” with output increasing by just 4% this year compared to 13.5% in 2009. (WSJ)
India’s IT outsourcers are promoting “mini CEOs” capable of running businesses on their own, while trimming down on the hordes of entry-level computer coders they normally hire as they try to squeeze more profits out of their staff. (Reuters)
Good luck and happy holi!