Asia can survive without the West

Renowned economist and chairman of Morgan Stanley Asia, Stephen Roach, says a prolonged economic downturn in the US could lead to protectionist trade policies.

Two bookends delineate the current macro debate -- the Asian financial crisis of 1997-98 and the US subprime crisis of 2008-09. China was remarkably adept at avoiding both of these conflagrations. Will it be so lucky next time?

A slowdown in US consumption and Chinese output will lead to a setback. Protectionist measures from the US are seen as the biggest risk to global markets, says Roach.

The US banking giant’s infrastructure arm has agreed to acquire the Australian gas pipeline operator. In another deal, Aberdeen Investments and ACCIONA have set-up a SPV for a New Zealand motorway project.

Anders Svensson is joining the bank in Sydney from Morgan Stanley.

Its economic growth might have diverged from the developed world, for now, but Asia is still dependent on the West, according to FinanceAsia readers.