O'Neill: Is the Egyptian crisis a buying opportunity?

JIM O'NEILL ON EGYPT

Once again, the annual Davos parade takes place against the background of some unanticipated news. The thoughts of the great and good will be overshadowed by the events unfolding in Egypt and in the surrounding region.

The Egyptian troubles come towards the end of a January that has seen a marked split in global markets, with the rather unfashionable US and, even less fashionable European peripheral markets, outperforming the very fashionable new world. Even after the sharp drop in the S&P and other major US markets on Friday, they are showing a small gain for the year so far. In contrast, some of last year's stars from the so-called emerging world are down close to 10%. Of course, Egypt, which was closed towards the end of the week, has performed even worse. In the BRIC world, unfashionable Russia ...