The global rally in stocks will fade as a U.S. budget
dispute in Congress and November’s presidential election will stifle growth in
the world’s biggest economy, according to Copenhagen-based BankInvest.
BankInvest, which manages $17 billion, advised clients to
reduce holdings of equities and sold shares from its own portfolios amid
concern the political uncertainty will keep U.S. companies from hiring and
making investments until the start of 2013, Frank Velling, the company’s chief
strategist, wrote in e- mailed comments.
“The main obstacle for economic growth is the unusually high
wall of uncertainty related to the presidential election and the fiscal cliff,”
Velling said. “It increases the value of waiting…..”
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