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As an investment strategy, Wood has rejigged his exposure to Indian stocks in his Asia ex-Japan long-only portfolio with HDFC Bank and ICICI Bank paving the way for Kotak Bank and Cipla.
Christopher Wood, global head of equity strategy at Jefferies believes lockdown in countries like India and Indonesia more are disastrous for human welfare and economies since there is no help for small businesses being handed out, nor are there any unemployment benefits.
In the US, Wood argues, the Small Business Administration’s Paycheck Protection Programme will provide up to $349 billion in forgivable loans to small businesses to pay their employees for eight weeks during the health crisis.
“The loan amounts will be forgiven as long as they are used to cover payroll costs, mortgage interest, rent and utility costs while employee and compensation levels are maintained. As of April16, $342 billion of such loans have been granted to 1.66 million
First Published: Apr 24 2020 | 09:07 AM IST