Cautiously optimist outlook for Asian markets; Greece default global hickup: BBVA Research

Stephen Schwartz, Chief Economist for Asia, BBVA Research said that the firm has a cautiously optimist outlook for the region’s markets in 2012 as its fundamentals are quite strong. Asia is, however, not immune to a weak demand in Europe and sluggish growth in US which act as continued headwinds, he added. “Fiscal stimulus needed in most Asian economies,” Schwartz said. On a possible Greece default, he said that small and open economies like Hong Kong, Taiwan, Korea will be hit very hard.