Equities: 'Shanghai Over Mumbai' Still Well-Placed

In a week of broad-based losses across Asian stock markets, we have continued to yield success with our view of Chinese equity outperformance versus that of India. Having run with the opposing view for much of last year, we felt that the tide had begun to turn in Q410, with Indian equities looking technically exposed, richer on a valuation basis, and more vulnerable to a run-up in commodity prices. All three of these factors remain very much in play. Indeed, the Sensex is less than 500 points away from our long-held 17,000 target - a break of which would send

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