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Will China drag global and Indian markets down?
September, 22nd 2009

Rakesh Jhunjhunwala and Shankar Sharma debated this and other factors impacting markets in episode II of ET Nows Gladiators. Excerpts:

Two people the markets and investors love to track and listen to Rakesh Jhunjhunwal, Partner, Rare Enterprises and Shankar Sharma, Vice Chairman & Joint MD, First Global battled it hard in the second episode of Gladiators telecast on our business channel ET Now. They carry on the debate over the future course of the market, the long term India story, the China factor and so on. Here is the transcript of the second episode of the face-off between the two market giants.

Last time when we met on this forum, both our gladiators had different opinions. Rakesh Jhunjhunwala was of the view that global economic recovery has started and that corporate India will surprise us. Shankar Sharma kept on insisting you cannot ignore China and that if China goes under, commodity prices will crash. This week, the focus will be different.

So far we are focussed on China but what about the US consumer? The US consumer is now saving more and is certainly spending less.

Rakesh Jhunjhunwala: I mean there is no question of replacing, it is going to be a gradual replacement. China and India, Brazil and Indonesia will replace them. Over a period of time, this is going to be Asias century; I have no doubt about it. But Rakesh, history always repeats itself. Look at the 100-year chart of Dow. The excess of any bull market do not get cleaned up in less than one year.

Rakesh Jhunjhunwala: It is their excesses, so they are, as Chris Wood says and which I agree and which I believe that the Western world is structurally in a bear market. Asia in the emerging world is structurally in a bull market.

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