All Reports

 

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.

Asian Fixed Income Monthly Outlook

USTs ended lower in October. Better US economic data and a hawkish statement from the Federal Open Market Committee (FOMC) bolstered expectations of a December interest rate hike. 10-year UST yields rose about 23 basis points (bps) to 1.83%.


October 2016

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.

Emerging Markets Quarterly - Better Fundamentals but still Risks in DM Policy

Emerging markets (EM) have endured strong adjustments in commodities and currencies that coupled with reforms makes a good case for better growth ahead. Still, it will take time for EM to navigate to more stable sources of growth, requiring relative stability through the delicate transition.

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.

Asian Fixed Income Monthly Outlook

USTs ended September mixed. While the Federal Reserve left interest rates unchanged and the Bank of Japan reinforced commitment to monetary easing, the ECB's lack of new stimulus disappointed the market.


September 2016

Global Fixed Income and Credit Outlook

Central bank policy from the US, Japan and Europe are strongly affecting the current global fixed income markets. New Zealand and Canadian economies also face continued pressure. We maintain the view that there is a positive environment for emerging markets, but have moved slightly more cautious.

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.

Asian Fixed Income Monthly Outlook

On the back of expectations that the Fed will keep interest rates on hold in the next months, the global search for yield is likely to support demand for Indian, Malaysian and Indonesian bonds.


August 2016

Global Fixed Income and Credit Outlook

In developed markets, global bonds have benefited from recent flows out of Japan into positive-yielding markets. We maintain the view that there is a positive environment for emerging markets.

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.

Asian Fixed Income Monthly Outlook

July saw US Treasury yields ending in mixed trading. Yields of shorter maturities climbed, while those of longer maturities fell. Plus updates on Malaysia, Singapore, India, South Korea, Thailand, Indonesia, and others.


July 2016

Global Fixed Income and Credit Outlook

The major consideration for markets in June was the Brexit vote in the UK. Although we are sceptical about the most pessimistic scenarios for the UK, there will be some negative impact on growth.

Emerging Markets Quarterly - EM Assets Seeing Better Support

The UK's late June vote in favour of 'Brexit' was initially read as a deep negative, particularly given that markets were priced strongly in favour of a 'Remain' vote. However, after brief reflection, markets outside the region saw a rally, with risk asset performance more than making up for Brexit losses. Emerging markets have been a primary beneficiary...

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.

Asian Fixed Income Monthly Outlook

We expect the impact of Britain’s exit from the EU on Asia’s economic activity to be relatively muted, as the region has comparatively low trade links with the UK. Plus updates on US Treasuries, Singapore, India, South Korea, Thailand, Indonesia, and others.

The Nikko AM URAP Index: Identifying Stocks Which Show Consistent Improvement in ROE

This report looks at the Japanese Stewardship Code and its impact on Japanese companies' approach to ROE. It also introduces the Nikko AM URAP Index. URAP stands for “Upside in ROE at an Attractive Price”.


June 2016

Brexit - Japan Equity Update

In light of the significant volatility ensuing from the results of the EU Referendum in the UK, we share our initial thoughts on the evolving situation as well as provide an update on the strategy you are invested or have an interest in and the implications of the event on the broader investment landscape in Japan.

Brexit - Asian Fixed Income Update

The immediate fallout from the Brexit win has been a strong flight to safety.

Asian Equity Monthly Outlook

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