Victor Lee, managing director for investment in Pacific region at J.P. Morgan Asset Management, said Europe is having a crisis with credit default swap prices for sovereign bonds issued by countries like Spain and Portugal standing at high positions.
Last week, European and the US market slumped. Lee said the broad market has accumulated a certain amount of gains since last October, adding the current VIX is merely 21-22%. He believes there is no sell-off in the market. (k)
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