Revival in US spend to spur a bull market: Mark Mobius

LONDON: Rising confidence among US consumers will help drive global economic growth and spur a “secular bull market” in developing-nation stocks, investor Mark Mobius said.

“The consumers are back,” Mobius, who oversees about $34 billion as executive chairman of Templeton Emerging Markets, said. “There’s still an incredible amount of economic activity taking place, more in emerging markets, but it’s also true in the US.”

The Conference Board’s index of US consumer sentiment rose in November to the highest level in five months, while figures from ADP Employer Services showed companies boosted payrolls by more than economists’ estimated ahead of the holiday-shopping season.

Companies that sell discretionary consumer goods have led gains in global equities this year, according to MSCI indexes.