Need to adapt to lower growth in developed world: Expert

In an interview with CNBC-TV18, Philip Poole of HSBC Global Asset Management, spoke about his reading of the global equity market and his outlook.

Below is a verbatim transcript of the interview. Also watch the video. Q: How strong is the likelihood that we see a big global dip in growth and how might that impact equity markets?
A: Certainly, the growth data has been weak across the board. We had very weak second quarter GDP data out of the US. The agreement on the debt ceiling and the intention to cut fiscal spending in the US will probably focus people's attention on the weakness of that data. One has to remember that the data has been supported, or that performance has been supported, by fiscal and monetary easing and that stimulus is going to be taken away. There is a really a very soft patch in the data.
However, I think the market reaction has been exaggerated as a result of very poor liquidity and ongoing concerns about debt overhangs in Europe. The Greek package hasn