Investors were mildly shocked earlier on in Tuesday trading by the latest round of UK growth figures. The Office of National Statistics reported that GDP expanded by 0.5% during July-September, missing a projected 0.6% rise and decelerating from the 0.7% advance printed in the prior quarter.
The data is likely to see the Bank of England kick any interest rate rises into the long grass, particularly as it raises fresh concerns over the health of the domestic manufacturing and construction industries. Still, in my opinion these latest numbers are hardly cause to hit the panic button, particularly as UK output continues to outperform many other developed markets.
But for those still concerned by the recent slowdown, here are three stock superstars not reliant upon a strong British economic backdrop.
The logo of tech titan Apple (NASDAQ: AAPL) is, like Disneys Mickey Mouse and the Golden Arches of McDonalds, one of the worlds most recognisable emblems. Indeed, a strategy of careful marketing in individual territories has enabled the California-based firm to generate a cultish fanbase for its hi-tech products that few other companies can rival.
More than a quarter of Apples total sales come from vendors in China, for example, and the business saw revenues in this new and exciting market more than double from a year earlier during April-June. Apple has unsurprisingly decided to hike investment in China, but the feverish excitement generated by each new iPhone and iPad can be seen in marketplaces across the world. Consequently yhe technology great is expected to keep punching stellar earnings growth for years to come.
Household goods manufacturer PZ Cussons (LSE: PZC) may not generate the same degree of wild-eyed hysteria as Apple. But this does not mean its products are not held in high esteem by consumers across the planet indeed, labels like Carex soap and five:AM organic snacks carry formidable pricing power than few others can match.
And PZ Cussons generates the lions share from emerging nations, particularly those of Asia and Africa. This naturally gives the company great exposure to rising population levels and, equally importantly, the increasing financial might of consumers in these destinations. I am therefore convinced that the diversified goods giant is a great selection for long-term earnings growth.
Aberdeen Asset Management
While I am also bullish over the long-term outlook for financial services play Aberdeen Asset Management (LSE: ADN), I believe the emerging market-focussed business could be set for further turbulence in the coming months as investor appetite for such markets is likely to remain edgy for some time to come.
Aberdeen Asset Management clocked up further net outflows of 9.9bn during April-June as fears concerning Chinese economic cooling, and the effect of potential Federal Reserve rate hikes, have weighed on client appetite. Of course these factors are set to rumble on a little longer, but with growth rates in these economies dwarfing those of the West I reckon the asset manager should deliver solid returns for patient investors.
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Royston Wild has no position in any shares mentioned. The Motley Fool UK owns shares of Apple and PZ Cussons. The Motley Fool UK has recommended Aberdeen Asset Management. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.