Walker looks to tech sector amid debt ceiling turmoil

Tom Walker, the manager of the Martin Currie £677m North American fund, said investors concerned about the US debt crisis should look to technology as one of the least exposed sectors to political risk.

US politicians have been grappling with the debt crisis in recent weeks, under the threat that a failure to raise the debt ceiling by 2 August would trigger a default. But a framework for a short-term deal was scraped together over the weekend, which involves raising the debt limit by $2.4trn and reducing the deficit by a similar amount over the next ten years. "Some companies will not be impacted at all. But lots of companies in healthcare, or procurement, will be affected by the government having to be much more careful with its money and will squeeze margins on suppliers and raise...