Mkt lows behind but West needs more stimuli: Morgan Stanley

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Over the last one month, we have been asking this question and soliciting the opinion of many experts across the world on whether global equities have indeed turned the corner. There are no easy answers; some say yes, some say no. Even now, the rally has been stupendous-30-40% in many cases across global markets-40% in India-but still conviction is lacking. A lot of people have left out of this rally of course and they want to participate catching any dip. However, there have been no clear answers on whether the corner really has been turned.

All that can be done is get more and more opinion from people who have seen many of these inflection points in the past. Of course, the market is the final arbiter and none will know perhaps escape by hindsight. But it's always useful to go and ask people who have seen many ups and downs in the market on whether they believe fundamentally things have started turning around. Talking on this, Narayan Ramchandran, Managing Director and Country Head of Morgan Stanley India, said the market lows are done with. However, he added that the most important risk is that, in the West, the actions to counter the financial crisis have not been enough. "Not enough in magnitude and perhaps not enough in the type of action," he said.

Also read: China is No.1, India is No. 2 global hot spot: Mark Mobius

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