Asian mkts to fall 20% during summer: Mark Matthews

Mark Matthews, Asia Pacific Strategist, Fox Pitt, said global markets have bottomed out but it is not the right time to buy. He doesn't subscribe to view that the markets will gain as they are underowned. He doesn't see enough reasons for the markets to gain much from here. He is not bullish on global markets and feels that Indian equities are less attractive. Although he says "India is one of the three countries in Asia that will have growth this year," he is quick to point out that trade in Asia will see a 20% correction from the current levels during summer, for which he blames poor corporate earnings. According to him, corporate Asia will see a slide of 20-25% (in the first quarter) which will be the worst performance in a decade.