Mkts out of bearish phase; retest of lows unlikely: Nomura

Sean Darby of Nomura International believes the bear market that existed last year has been broke out off and does not expect a retest of the lows. He sees a shallow economic recovery and higher inflation. Darby expects a sticky consumer price index going forward. He believes inflation in the third and fourth quarter of FY10 would be high on the back of higher food and fuel prices. Darby said that China and Taiwan would front run growth.