The MSCI AC Asia ex Japan (AxJ) Index fell by 0.1% in US dollar (USD) terms, underperforming the MSCI AC World Index which returned 2.2%. Profit-taking and currency weakness relative to the USD pressured returns in September. The Philippines was the best-performing market in the region, underpinned by hopes of a tax reform package aimed at generating revenue to fund an ambitious infrastructure programme. Thailand was buoyed by easing political uncertainty and an economic recovery that appears to be gaining traction.