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Asian markets fell on Monday, led by sharp decline in China. Since the start of August, the Chinese markets have now technically entered a bear market sliding by more than 23%, becoming the worst performing index in the region. The bear market started after the Chinese Premier warned that the decline in export demand may continue for longer time and concerns grew that leading companies will issue new shares and dilute the value of existing ones. However, with high domestic demand, strong economic fundamentals and recent consensus earnings upgrades, China continues to be attractively valued on a P/E basis. In India, the GDP expanded at 6.1% y/y (v/s consensus of 6.2%) in the first fiscal quarter. Growth in the manufacturing and agriculture sectors remained sluggish despite low interest rates and government stimulus spending. Nevertheless the data supports hopes that the economic condition continues to improve.
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