All Reports

* Please note that the content which appears in this section is intended for the use of Institutional Investors only.

January 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.

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.

2018 Emerging Markets Outlook

2017 was another strong year for emerging market (EM) fixed income, with markets reflecting a continued improvement in EM fundamentals, after an inflection point in early 2016. Overall in 2017, local debt was the best performing segment in EM (up 15% - JPM GBI EM GD), followed by external debt (up 10% - JPM EMBI GD) and corporate debt (up 8% - JPM CEMBI BD).

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.

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