All Reports

 

April 2018

Asian Equity Monthly Outlook

Volatility across global markets has picked up in recent months following an abnormally long period of stability and strong returns across asset classes.

Asian Fixed Income Monthly Outlook

In the near-term, we foresee US Treasury moves influencing the direction of regional bonds.

Japan Equity Monthly Review

The Japanese equity market fell in March, with both the TOPIX (w/dividends) and the Nikkei 225 (w/dividends) dropping 2.04% on-month.


March 2018

Global Fixed Income & Credit Outlook

A broad-based synchronized recovery continues to gain traction. Following the strongest year of global growth since 2010 (estimated at 3%) the consensus forecast for the current year looks to be even rosier.

Asian Equity Monthly Outlook

Despite recent volatility, we see the rally in Asian equity markets being well supported by both positive structural reform and increasing economic activity across the region.

Asian Fixed Income Monthly Outlook

In the near-term, we foresee flows into Indonesian bonds to be supported by the inclusion of IDR-denominated bonds into the Bloomberg Barclays Global Aggregate Index.

Japan Equity Monthly Review

Japanese stocks were not spared the global selloff in early February. While we would not be surprised to see volatility persist as market conditions normalise, we continue to expect healthy returns for risk assets such as equities.


February 2018

Global Fixed Income & Credit Outlook

A broad-based synchronized recovery continues to gain traction. Following the strongest year of global growth since 2010 (estimated at 3%) the consensus forecast for the current year looks to be even rosier.

Japan Equity Monthly Review

The Bank of Japan (BOJ) has been trimming its bond purchases lately, fuelling speculation that the central bank may wind back its monetary stimulus this year.

Asian Equity Monthly Outlook

The MSCI AC Asia ex Japan Index returned 7.6% in USD terms in January, amid optimism about solid economic growth and corporate earnings. China's solid stock market gain was underpinned by the financials, energy and real estate sectors.

Asian Fixed Income Monthly Outlook

There was a sharp rise in US Treasury yields in January on the back of positive macro news, steady rise in oil prices and speculation that central banks in developed markets will start winding back on stimulus measures.


January 2018

Asian Fixed Income Monthly Outlook

As widely expected, the US Federal Reserve (Fed) raised interest rates by 25bps in December, its third rate hike this year. It also raised its GDP forecast for 2018.

Asian Equity Monthly Outlook

The MSCI AC Asia ex Japan (AxJ) Index returned 2.7% in USD terms in December.

Global Fixed Income & Credit Monthly Outlook

A broad-based synchronised recovery continues to gain traction. Following the strongest year of global growth since 2010 (estimated at 3%) the consensus forecast for the current year looks to be even rosier.

Japan Equity Monthly Review

The Japanese equity market rose in December, with the TOPIX (w/dividends) climbing 1.57% on-month and the Nikkei 225 (w/dividends) rising 0.32%.

2018 Global Credit Outlook

We see the key investment themes to drive performance in Global Credit in 2018 to be similar to last year. Using the output of our initial market assessment, we have developed our investment themes: Long US High Yield, Long Chinese Tier1 SOEs, Long European Hybrids, Long European Financials, Long Rising Stars.

2018 Developed Markets Outlook

For 2018 and beyond, we see a story of central bank policy normalization and foresee the global economy growing in a similar fashion to how it did in 2017: low growth coupled with comparatively low inflation data.


December 2017

2018 Asian Credit Outlook

We expect the economic backdrop for Asian credits to remain constructive in 2018, but remain cognizant of several risks including rising interest rates, robust supply, unexpected weakness in China, geopolitical developments and cross-asset volatility.

2018 Asian Rates and FX Outlook

The global recovery is expected to continue, albeit at a more moderate pace. Meanwhile, we see policy normalisation and an acceleration of inflation in Asia. Political action will move to South Asia in the wake of upcoming elections there.

From the Asian Equity Desk - Market Outlook 2018

Going forward, a robust global economy and well telegraphed withdrawal of monetary stimulus in advanced economies provides a good back-drop for export-oriented Asian economies.