Asian hedgies stiffen upper lip amid turmoil

Standard & Poor's downgrade of the US to AA+ may be a landmark event, and yet almost every major country (with some dissent from China) has come out with statements in support of the US dollar and US Treasuries. “Given the market reaction after the downgrade with equities down and Treasuries up, one could be forgiven for thinking that S&P downgraded the stock market of the US and not its credit rating,” says Sanjiv Garg, lead portfolio manager at Winnington Capital in Hong…