(Bloomberg) -- Scott Minerd, who manages $250 billion for Guggenheim Partners, says U.S. stocks may rally as much as 15% in the rest of the year and emerging market assets may do even better, after markets brushed off scares from China's economy, oil and Britain's vote to leave the European Union.

Either the U.S. economy will perk up and lead a global recovery, or economic weakness in Europe and Japan will prompt more support from central banks, giving stocks and bonds a shot in the arm, according to Minerd. While a continued slowdown is the more likely scenario, there's little chance of a catastrophic meltdown, he said.

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