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Swedish Prime Minister <keyword id="3242462" type="UNKNOWN" weightage="20" keywordseo="Stefan-Lfven">Stefan Löfven</keyword> concluded his two-day visit to India in Pune, he toured the facilities of <keyword id="194619" type="CITY" weightage="20" keywordseo="Tetra-Pak">Tetra Pak</keyword> and <keyword id="6356812" type="CITY" weightage="20" keywordseo="Ericsson">Ericsson</keyword>, two leading Swedish companies in India. 
 
The Prime Minister unveiled commemorative plaques and planted a symbolic sapling. This visit emphasizes the continued importance of Pune as one of the major investment and industrial hubs for Swedish companies in India. 
 “Prime Minister Löfven was very happy to be in Pune, a city that has a long history of deep economic ties with Sweden. After having witnessed the scale and magnitude of the Make in India Week in Mumbai and a significant bilateral dialogue with PM Modi and other ministers from the Indian side, this visit to Swedish manufacturing facilities is a befitting close to his India tour. In Pune he sees the reality of how Sweden makes in India,” said Mr <keyword id="1441970" type="PERSON" weightage="20" keywordseo="Harald-Sandberg">Harald Sandberg</keyword>, Ambassador of Sweden to India. 
 
Upon his arrival Mr Löfven visited Ericsson’s upcoming facility at Chakan. Being set up with an initial investment of $15 million, Ericsson’s Chakan plant will serve as an export hub for the Company’s exports to South East Asia, West Asia and Sub Saharan Africa regions. The Company plan to manufacture current and future products for 2G, 3G and 4G technologies at this Plant including radio and microwave products. 
 
“2016 is a milestone year for Ericsson in India as we strengthen our commitment to ‘Make in India’ by setting up our second manufacturing facility here at Chakan. The setting up of this hi-tech, export oriented manufacturing facility will generate employment as well as lead to the development of the vendor eco system in and around Pune. We are delighted and honored to have had the proud privilege of welcoming the Hon’ble Prime Minister, Mr Stefan Löfven to our facility.” said Mr Paolo Colella, Head of Region India, Ericsson. 
 Swedish companies’ operations in Pune date back to 1957, when a large area of land was allocated to those firms in that city, which was strategically a good location considering the proximity to Mumbai. In the 1960-70s Pune became an important industrial hub, where a second wave of Swedish companies like Alfa Laval, Tetra Pak, Sandvik and <keyword id="113732" type="COMPANY" weightage="20" keywordseo="Atlas-Copco">Atlas Copco</keyword> were established. 
 
On his Pune trip, Prime Minister Löfven was accompanied by Ambassador of Sweden to India, Mr Harald Sandberg and Ms Fredrika Ornbrant, Swedish Consul General for Maharashtra, Gujarat and Goa.

Swedish majors Ericsson and Tetra Pak showcase how #SwedenMakesinIndia

<ul class="summary-list"><li>Some economists and strategists are increasingly confident that the US economy will avoid recession.</li><li>However, Zehrid Osmani is raising his recession odds over the threat of rising inflation.</li></ul>After a blowout <a target="_blank" class="" href="https://www.businessinsider.com/strong-september-jobs-employment-exceed-expectations-soft-landing-inflation-investing-2024-10">September jobs report</a>, market confidence in the US economy heightened. Goldman Sachs' chief economist Jan Hatzius lowered his recession odds from 20% to 15%, for example, citing low unemployment and strong GDP growth.Not everyone agrees with the top investment bank and market consensus, though.Zehrid Osmani, a portfolio manager at the $21 billion investment manager Martin Currie, has actually increased his recession odds. Currie now sees the likelihood of a downturn at 35%-40%, up from 20%-25%.Although a recession isn't Osmani's base scenario, his biggest concerns are persistent <a target="_blank" class="" href="https://www.businessinsider.com/inflation-fed-powell-mistake-1970s-runaway-stagflation-unemployment-interest-rates-2024-10">inflation</a> and increasing geopolitical tensions.First, inflation hasn't fully cooled, which could hamper the schedule of the Federal Reserve's rate cuts.Indeed, the latest CPI report hints that the inflation battle hasn't been decisively won, with prices rising 2.4% in the last 12 months through September, slightly above the 2.3% that economists were predicting.Osmani is keeping his eye out for one specific area: wage inflation."The vast majority of inflation comes from wage inflation in the medium term, and if you look at wage inflation, it remains somewhat elevated," Osmani said.The inflation problem isn't just confined to the US, either. It's an issue that has ramifications for the global economy. "You're looking at 4% to 5% inflation both in Europe and the US, closer to 6% in the UK," Osmani said.Geopolitical conflict is contributing to elevated inflation as well. The Russia-Ukraine war has complicated global supply chains, impacting food and energy prices. The escalating Israel-Hamas conflict has led to higher ocean shipping costs.Technology — specifically AI development — is also fueling geopolitical tensions. Osmani believes AI will increasingly become critical to corporate competitiveness, resulting in increased technological conflict. And with AI shaping up to be a trillion-dollar industry in the next decade, the stakes are high.US-China tensions are escalating over Taiwan, home to the world's largest semiconductor foundry, Taiwan Semiconductor Manufacturing Company. Taiwan produces over 90% of the world's most cutting-edge semiconductors, making it an important interest for any country or company looking to stay ahead in the AI race.In this environment, heightened uncertainty caused by these geopolitical tensions will continue to send shock waves through the market, according to Osmani. He expects the market to remain volatile for the near future.Lastly, leading indicators, especially manufacturing indicators, have been lukewarm, Osmani said.Manufacturing in the US has been on a steady decline. The sector contracted in September for the sixth month in a row, with an ISM manufacturing index reading of 47.2. A value below 50 indicates a pullback in manufacturing activity.With the Manufacturing ISM hovering at or below 50 for almost the last two years, Osmani sees a heightened risk for recession.<h2 id="55dd934c-9292-431d-8097-3486adb7388b">Where to invest</h2>Investors shouldn't panic at the possibility of a recession, according to Osmani."If there were to be a recession, we think it would be shallow and short-lived," Osmani said. "If you look at the balance sheets of the private sector, both corporates and households, they remain very solid."The companies best-equipped to deal with this period of economic uncertainty are ones with resilient earnings growth, solid balance sheets, and exposure to long-term structural growth themes in the areas of energy transition, aging population, and AI, according to Osmani.Osmani sees what he calls "seismic thematic shifts" in these areas. With over 16% of the world population reaching 65 or older by 2050, an aging population will drive demand for more robust healthcare infrastructure. Semiconductors powering the AI revolution will remain critical as the technology advances, and the industry has successfully monetized upon surging AI demand thus far. And Osmani sees potential for parts of the market driving the energy transition, such as alternative energy and electric vehicles.His top picks include Nvidia (<a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a>), Microsoft (<a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a>), chemical company Linde plc (<a target="_blank" href="https://markets.businessinsider.com/stocks/lin-stock">LIN</a>), and industrial manufacturing company Atlas Copco (<a target="_blank" href="https://markets.businessinsider.com/stocks/atlcy-stock">ATLKY</a>). They are all constituents of the Martin Currie Global Portfolio Trust.

A portfolio manager at a $21 billion firm warns the odds of a recession have risen to 40% from 20% as inflation and geopolitical concerns surge — and shares where he's investing

Welcome to 10 Things Before the <keyword id="117488" type="PERSON" weightage="60" keywordseo="Opening-Bell">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, <a href="http://newsletter.businessinsider.com/join/4np/insider-investing">sign up here for Insider Investing, </a>our weekly <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analysis <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>.Let's jump in.1. Stocks dipped on Thursday as Fed Chair Powell made more remarks on hot inflation. Prices pulled back further from their record highs earlier in the week. <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-us-fed-powell-economic-stimulus-inflation-2021-7">But the good news is that weekly jobless claims fell to a pandemic-era low. </a>2. Don't blink or you might miss this: A tiny camera company's stock price spiked by 3000% in two days. <a href="https://markets.businessinsider.com/news/stocks/life-clips-stock-price-lclp-belfrics-blockchain-day-traders-market-2021-7">Find out why here. (Hint: there's crypto involved.) </a>3. The chief executive of a $3.5 billion hedge fund is betting big - correction: huge - on bitcoin. His firm is up 48,500% in eight years in large part because of their early entry into bitcoin. <a href="https://www.businessinsider.com/16-crypto-tokens-picks-dan-morehead-hedge-fund-returns-bitcoin-2021-7">The executive gave his 16 picks for massive returns.</a>4. Earnings today: Charles Schwab, Reliance Industries, and Atlas Copco all <a href="https://markets.businessinsider.com/earnings-calendar">reporting. </a>5. Meme investors be warned: Netflix is entering the video game space. Gamestop shares fell following a report that the movie subscription giant is eyeing a new foray into video game streaming. <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-reaction-netflix-video-game-streaming-service-report-2021-7">Retail investors across Reddit are buckling down amid the meme-stock tumble.</a>6. Self-driving cars may seem futuristic, but just wait 'til they start flying, too. Morgan Stanley thinks a flying car business could be worth as much as $1,000 per share for Tesla. <a href="https://markets.businessinsider.com/news/stocks/tesla-flying-car-business-2050-stock-price-morgan-stanley-tsla-2021-7">Sorry birds and planes, but skybound Teslas are a matter of when, not if. </a>7. What starts with an 'i' and is on the lips of CEOs? Inflation. It's on the rise in conversation and the economy. Higher prices could persist longer than people may like. <a href="https://www.businessinsider.com/inflation-concerns-ceos-major-companies-jamie-dimon-larry-fink-earnings-2021-7">Here's what's worrying three CEOs about the i-word. </a>8. Cathie Wood doubles down on her defense of bitcoin. The star stock-picker insists that environmental concerns around bitcoin are temporary - <a href="https://markets.businessinsider.com/currencies/news/cathie-wood-ark-bitcoin-esg-cryptocurrency-environmentally-conscious-btc-2021-7">here's what she thinks is going to happen next with the digital currency. </a>9. Short squeezes have sent meme stocks to the moon all year. But buying Gamestop, AMC, and other stocks from WallStreetBets can present huge risks if you're not careful. <a href="https://www.businessinsider.com/gamestop-meme-stock-how-to-short-squeezes-stock-michael-pachter-2021-7">These Gamestop analysts share how to anticipate short squeezes and avoid investing pitfalls. </a>10. The pandemic tech boom is a real thing. Companies this year have shifted toward digitizing everything, and have come to rely more on cloud computing than ever before. Morgan Stanley says take advantage: <a href="https://www.businessinsider.com/5-tech-stocks-to-buy-it-cloud-computing-morgan-stanley-2021-7">Buy these 5 tech stocks to benefit from the digital revolution. </a>Compiled by Phil Rosen. Any feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here.</a>

10 things before the opening bell

Reuters / Gary A. Vasquez<ul class="summary-list"><li>HSBC strategist Alastair Pinder identified a group of hedge funds that topped a global benchmark for three consecutive years and have also outperformed during the last few tumultuous weeks.</li><li>Pinder says there's evidence funds with that kind of track record will continue to win, and investors following their approach since 2012 would have handily beaten the market.</li><li>He also revealed the funds' top holdings in the US, Europe, emerging markets, and Japan.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>For years, sports fans and investors have debated whether there is really such a thing as a "hot hand." That is, if a player or investor is performing very well, are they likely to keep up the streak?Alastair Pinder, global equity strategist at HSBC, says he has an answer - at least for the investing world here and now. After evaluating data on more than 400 hedge funds, he says he's identified the tactics that have worked for the best global funds of recent years."At least from a short-term perspective we find that 'Hot Hand' funds can often continue their strong momentum and winning streaks," he wrote in a note to clients.He's zeroed in on a group that not only beat the <a href="https://www.marketwatch.com/investing/fund/vwrl?countrycode=uk">FTSE All-World Index</a> every year from 2017 to 2019, but also outperformed during the turmoil that's afflicted markets since the <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1">coronavirus pandemic</a> began."Our current subset of 'Hot Hand' funds have outperformed global equity markets by over 40% since 2012, or 4.8% on an annualized basis and have beaten the benchmark considerably over the last few weeks despite the turbulence," Pinder wrote.Over that time, following those hot hands and investing in the countries or industries they liked best while shorting those they liked the least would have substantially beaten the market, he says. That makes them a particularly appealing source of ideas."Key contrarian ideas over the last three months by 'Hot Hand' funds have been to increase their active weight towards Semiconductors, Retailing and Energy, while cutting exposure to Capital Goods and Materials," Pinder said.Investors can implement those ideas using ETFs like the <a href="https://markets.businessinsider.com/etfs/vaneck-vectors-semiconductor-etf">VanEck Vectors Semiconductor ETF</a>, <a href="https://markets.businessinsider.com/etfs/spdr-s&amp;p-retail-etf">SPDR S&amp;P Retail ETF</a>, and <a href="https://markets.businessinsider.com/etfs/vanguard-energy-index-fund;etf">Vanguard Energy Index Fund</a>. The funds also overweight the US, China, and India compared to their benchmark, a strategy investors can implement with funds like the <a href="https://markets.businessinsider.com/etfs/spdr-s&amp;p-500-etf-trust">SPDR S&amp;P 500 ETF</a>, <a href="https://markets.businessinsider.com/etfs/xtrackers-msci-all-china-equity-etf">Xtrackers MSCI All China Equity ETF</a>, and <a href="https://markets.businessinsider.com/etfs/ishares-msci-india-etf">iShares MSCI India ETF</a>. Perhaps not surprisingly, these funds bet big on tech and consumer discretionary stocks.Pinder says the average fund in the hot hand group has 34% of its assets in tech stocks, which is double the fund's benchmark."On the other hand, they have are less convinced on UK equities as well as Canada and Japan. South Korea, Brazil and Russia are the EM markets in which 'Hot Hand' funds have a relatively small allocation," he wrote.Pinder also combed through the holdings of the funds to find their biggest investments in several major regions. In the US, the hot hands top ten is made up of <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, <a href="https://markets.businessinsider.com/stocks/v-stock">Visa</a>, <a href="https://markets.businessinsider.com/stocks/ma-stock">Mastercard</a>, <a href="https://markets.businessinsider.com/stocks/unh-stock">UnitedHealth</a>, <a href="https://markets.businessinsider.com/stocks/adbe-stock">Adobe</a>, <a href="https://markets.businessinsider.com/stocks/tmo-stock">Thermo Fisher</a>, <a href="https://markets.businessinsider.com/stocks/el-stock">Estee Lauder</a>, and <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>.In Europe, their top bets were <a href="https://markets.businessinsider.com/stocks/lvmhy-stock">LVMH</a>, <a href="https://markets.businessinsider.com/stocks/nestle-stock">Nestle</a>, <a href="https://markets.businessinsider.com/stocks/partners_group-stock">Partners Group</a>, <a href="https://markets.businessinsider.com/stocks/novo_nordisk-stock">Novo Nordisk</a>, <a href="https://markets.businessinsider.com/stocks/lor%C3%A9al-stock">L'Oréal</a>, <a href="https://markets.businessinsider.com/stocks/relx-stock">RELX</a>, <a href="https://markets.businessinsider.com/stocks/adyen-stock">Adyen</a>, <a href="https://markets.businessinsider.com/stocks/roche-stock">Roche</a>, <a href="https://markets.businessinsider.com/stocks/herm%C3%A8s-stock">Hermès</a>, and <a href="https://www.marketwatch.com/investing/stock/atco.a?countrycode=se">Atlas Copco</a>, and in emerging markets, their largest allocations went to <a href="https://markets.businessinsider.com/stocks/tencent-stock">Tencent</a>, <a href="https://markets.businessinsider.com/stocks/hdb-stock">HDFC</a>, <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a>, <a href="https://markets.businessinsider.com/stocks/tal-stock">TAL Education</a>, <a href="https://markets.businessinsider.com/stocks/samsung-stock">Samsung</a>, <a href="https://markets.businessinsider.com/stocks/ping_an_insurance-stock">Ping An Insurance</a>, <a href="https://markets.businessinsider.com/stocks/kotak_mahindra_bank_1-stock">Kotak Mahindra Bank</a>, <a href="https://markets.businessinsider.com/stocks/kweichow_moutai-stock">Kweichow Moutai</a>, <a href="https://markets.businessinsider.com/stocks/pt_bank_central_asia_tbk-stock">PT Bank Central Asia</a>, and <a href="https://markets.businessinsider.com/stocks/tsm-stock">Taiwan Semiconductor</a>.In Japan, they favored <a href="https://markets.businessinsider.com/stocks/hoya_corp_1-stock">Hoya</a>, <a href="https://markets.businessinsider.com/stocks/pan_pacific_international-stock">Pan Pacific International</a>, <a href="https://markets.businessinsider.com/stocks/pan_pacific_international-stock">Recruit Holdings</a>, <a href="https://markets.businessinsider.com/stocks/daikin_industries-stock">Daikin Industries</a>, <a href="https://markets.businessinsider.com/stocks/tokio_marine_holdings-stock">Tokio Marine</a>, <a href="https://markets.businessinsider.com/stocks/hikari-stock">Hikari Tsushin</a>, <a href="https://markets.businessinsider.com/stocks/nintendo-stock">Nintendo</a>, <a href="https://markets.businessinsider.com/stocks/nippon_telegraph_and_telephone-stock">Nippon Telegraph &amp; Telephone</a>, <a href="https://markets.businessinsider.com/stocks/kao-stock">Kao</a>, and <a href="https://markets.businessinsider.com/stocks/smc-stock">SMC Corp</a>. <h3>NOW WATCH: <a href="https://www.businessinsider.com/unemployment-numbers-coronavirus-economy-layoffs-2020-3">3.3 million Americans filed for unemployment - and an economist predicts it could be far worse than the Great Recession</a></h3>

'Follow the hot hands': HSBC lays out a coronavirus-investing playbook focused on funds that have beaten the market for years - and shares the top stocks in each

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Swedish majors Ericsson and Tetra Pak showcase how #SwedenMakesinIndia

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