An over-emphasis on the subprime crisis and unjustified fears of a US slowdown might be threatening investment in emerging markets, according to Mark Mobius, executive chairman of Templeton Emerging Markets, which manages $45bn of funds.

“The biggest worry now is the psychological impact – and I emphasise psychological impact – of subprime,” Mr Mobius told FT.com in the website’s inaugural “View from the Markets” weekly video interview.