Salman Ahmed

A few things are contributing to nervousness today — the trade issues are back on, then there is the Italy situation and we are not sure how the ECB will respond to that, and in emerging markets there are some idiosyncratic risks (Turkey, Argentina and Brazil) which are becoming worrying.

We think that would be highly unlikely. It would be like an act o... by Salman Ahmed

We think that would be highly unlikely. It would be like an act of war.

If there is a genuine dent in earnings, people will sit up and ta... by Salman Ahmed

If there is a genuine dent in earnings, people will sit up and take notice.

It's a volatile period and as an investor I feel this was unnecessary. His term was ending in September anyway, they could have waited until then, what Mr Rajan wanted was to build a stronger institution and that cannot be one person, the market understands that. What's unnerving is the timing.

Russia has rallied because it has a fundamental underpinning, with very low debt-GDP. For a default you need to make some very serious assumptions.

Since 2008, the U.S. private sector is the only one that really delevered and almost everywhere else, there was a very significant increase in debt. Now we will see the overhang.

Until a year ago yuan was seen as a one-way street. Everyone knew about issues in the economy but also that they had $3.9 trillion (in reserves) to backstop any spillovers. Trust in that shield has been shaken.