Forget the US, emerging stock markets should continue to enjoy their bull run for several more years, provided the world avoids a recession, Christian Deseglise, global head of emerging markets business at HSBC Investments, predicts in the FT’s View of the Day column. “The old adage that when the US sneezes, the rest of the world catches a cold, is exactly that – old,” he says.

Emerging markets are well and truly shifting the centre of gravity within the world economy…They are growing faster than the developed world, supported by stronger fundamentals, improved credit ratings and increased reserves.

Indeed, says Deseglise, these increased reserves now exceed their foreign debt, placing emerging markets in the comfortable position of being net creditors.

In the current environment of lower growth and high indebtedness in developed economies, emerging markets appear, in contrast, to be a growth reservoir with a strong balance sheet, he notes.

Fast-expanding domestic consumption in emerging markets economies is increasingly driving their growth and reducing their dependency on exports to developed countries. And the Fed’s 50 point-cut to interest rates on September 18 only reinforced Deseglise’s belief that “the emerging markets rally will last for several more years – and that we are in the midst of a golden age in emerging markets.”