Tech-heavy Nasdaq gets a boost

After 28 percent gain in 2017, index has risen by another 15 percent so far

After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.

g_107889_shutterstock_1137937316_280x210.jpgImage: Shutterstock

If oil, the second best performing asset class so far this year, has stunned investors, there can be no surprise about the first one: The technology-heavy Nasdaq index. After a blow out 28 percent gain in 2017, the index has risen by another 15 percent as of July 26 as investors pile on to stocks that are upending traditional business models for a variety of industries. Bringing up the rear are emerging markets that have seen large outflows as a result of tightening US monetary policy. Fund managers would rather stick to investments in markets and currencies they understand best.

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Higher interest rates have also resulted in a strengthening US dollar. Bond markets, which had a disastrous 2017, have paused till now. As a result, the category hasn’t lost too much this year. Commodities have had a mixed year. After a secular rise in the second half of 2017, they’ve come to a halt as the market figures out what impact a trade war will have, if at all any.

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