Equity

 

January 2017

Asian Equity Monthly Outlook

Asia ex-Japan (AxJ) equities returned -2.0% in US Dollar (USD) terms, underperforming MSCI World and MSCI Emerging Markets (EM). Currencies across AxJ generally weakened against the dollar following the Federal Reserve's (Fed’s) decision to hike rates. Meanwhile, Gold declined 2.2% while oil jumped 8.66% month-on-month.


December 2016

Equities Market Outlook 2017

Global Equity - Asia ex-Japan Equity - Japan equity
This PDF is a compilation of 2017 market outlook reports by three of our equity teams.

Japan Equity Market Outlook 2017

We believe that in an increasingly uncertain world, Japan’s less uncertain market will provide a compelling opportunity for serious investors.

Asia ex-Japan Equity Market Outlook 2017

The phrase “lower for longer” could well become unfashionable very quickly after years of central banks combating the forces of deflation and wishing for inflation instead.

Global Equity Market Outlook 2017

The cumulative positioning of investors in companies and asset classes that are deemed safe in a “lower for longer” environment is undergoing a significant test at present.

Asian Equity Monthly Outlook

Asia ex-Japan equities returned -2.9% in US Dollar (USD) terms, underperforming MSCI World. US president-elect Donald Trump's stance on the repeal of the Trans-Pacific Partnership and a domestic US focus at the expense of foreign trade has initially been perceived as negative for Asia, although there remains much uncertainty with regard to US policy going forward.


November 2016

Asian Equity Monthly Outlook

Asia ex-Japan equities returned -1.5% in US Dollar (USD) terms, outperforming the MSCI World which declined by 1.9%. Crude oil prices finished the month down as OPEC members failed to reach a conclusive deal on supply, while political developments in US and ASEAN were key drivers of markets during the month.


October 2016

Singapore Equity Outlook

Singapore's weak 3Q2016 GDP report and MAS's 'unchanged' policy guidance on the SGD paint a sombre outlook for the Singapore economy for the rest of 2016 and 2017. We believe this provides good insight on the equity strategy going forward and reaffirms our strong bias away from the domestic economy and towards a focus on the alpha and restructuring opportunities in New Singapore.

ASEAN Equity Outlook

"Find growth and you will find performance" was our Asian Equity investment mantra in early 2016 as the world grappled with slowing growth and lethargy with monetary experimentaton in low and depressed interest rates.

Asian Equity Monthly Outlook

Asia ex-Japan equities rose in September, returning 1.6% in US Dollar (USD) terms and outperforming both the MSCI World and MSCI Emerging Markets indices. Risk appetite remained healthy following the US Federal Reserve’s decision to leave interest rates unchanged and a more favourable US presidential debate outcome.


September 2016

Asian Equity Monthly Outlook

Asian markets extended their rally into August. Asian stocks were supported by a robust reporting season where earnings were mostly in line with consensus expectations.


August 2016

Asian Equity Monthly Outlook

We continue to see good value in Asia ex-Japan equities for long-term investors. Asia still has considerable room at both the monetary and fiscal levels to stimulate economies if needed and governments appear willing to act on reforms and infrastructure investment.


July 2016

Asian Equity Monthly Outlook

We continue to see good value in Asia Pacific ex-Japan equities for long-term investors. We continue to advocate that Asia is ultimately a net beneficiary of lower-for-longer commodity prices and offers significant growth opportunities led by infrastructure development, albeit contingent on positive government action.


June 2016

Asian Equity Monthly Outlook

Asia ex Japan equities declined by 1.3% in USD terms in May, largely on the back of currency weakness.


May 2016

Asian Equity Monthly Outlook

Asia ex Japan edged lower in April, most currencies depreciated against the USD.


April 2016

Asian Equity Monthly Outlook

Asia ex Japan equities rebounded in March, with the MSCI Asia ex Japan index returning 11.2% in USD terms.


March 2016

Asian Equity Monthly Outlook

The MSCI Asia ex Japan index fell by 0.9% in USD terms. Among Asian markets, ASEAN outperformed, aided largely by Indonesia and Thailand.


February 2016

Asian Equity Monthly Outlook

Investors returned from their Christmas and New Year's breaks with renewed concerns over the health of the global economy.


January 2016

Japan Equity Outlook 2016

Corporate earnings growth in Japan is clearly on a different path than in other regions. A 15-year deflationary environment has forced many publicly listed companies to dramatically overhaul their cost and revenue structures.

Asian Equity Monthly Outlook

The much anticipated "Fed lift off" finally came to pass in December as the US Federal Reserve increased interest rates for the first time in almost ten years.

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