I would not sell US equities because of Fitch downgrade: Steve Englander, Standard Chartered Bank

Steve Englander of Standard Chartered Bank believes that the panic caused by the Fitch downgrade of the US rating is a pure risk premium, with US CDS barely impacted. Englander also thinks that the US market will soon move past the downgrade as everything Fitch said was already true and that equity markets had been overenthusiastic over the last couple of months. Furthermore, there may be a sharp correction in equity markets but he would not sell US equities due to the Fitch downgrade.