Jim McCafferty from RBS explains why Asia is not immune to deteriorating economic conditions in the West and which industries in Asia will bear the brunt.
Europe and the US face a host of risks, including a possible return to recession, but Skandia is cautiously optimistic and reckons global economies will shake off recession during the next 12 months.
The US bank suggests adding risk to portfolios as defensive plays start to look overvalued, but recommends waiting until after the earnings season which is likely to bring more market weakness.
If you think the global economy is improving, take off your pinstripes, put on a pair of jeans and a T-shirt, go for a drive in the US and have a look around.