Infrastructure has been an ongoing investment theme here, and I continue to think that the infrastructure universe will reward investors over the long term. Emerging economies are finding that they need to improve their infrastructure, not only to better serve their export businesses but to give their domestic economies a fair chance to grow even stronger. 
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Now the focal point of both geopolitical and global financial market interest, its conflict with Georgia has afforded Russia the opportunity to reassert itself as a European power with well-defined strategic interests.
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Volatility remains high in Asia--we’ve updated the Silk Volatility System below--and investors aren’t willing to buy the markets yet, a point addressed in this space in early summer. Earnings forecasts have been revised downward, and speculation regarding the Chinese economic slowdown runs rampant. more

Asia-ex Japan has realized its worst-ever first half this year. And given the relentless beating the Chinese market has experienced of late, investor sentiment remains rather sour. As a result, there’s speculation that developed markets will eventually bounce back later this year. And this may very well be the case; after all, every bull market needs a pause to refresh.
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It remains clear--even to the most casual observer--that more action must be taken to repair the so-called Anglo-Saxon financial system. The consequences of the current turmoil will be long lasting, particularly the loss of confidence in the system’s purported invincibility and superiority.
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We’re still far off recent highs, and plenty of risk remains, but the Asian rally is still running strong.
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