Christopher Wood, global head of equity strategy at Jefferies in his latest note to investors, GREED & fear suggested that India remains Asia's best long-term structural story in terms of equities and investors should buy their favourite stocks on a decline.
However, given the macro headwinds – the need to tighten monetary policy combined with the continuing risk, if not probability, of a much higher oil price, are the key reasons Wood has been in no hurry to add to the 'overweight' position he has in Indian equities in his Asia ex-Japan portfolio.
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