Andrew Graham, manager of the Martin Currie Pacific trust, argues the trend for earnings downgrades must reverse before stock markets can go higher.
India has recorded its worst GDP growth in a decade as fears persist over high inflation and a slump in manufacturing.
The British Chambers of Commerce(BCC) has upgraded its long-term growth forecast for the UK, but warned the economy still faces domestic and overseas challenges.
The Office for National Statistics' second estimate of Q1 GDP has left the reading unrevised at 0.3%, but hopes are growing of a more positive Q2 figure.