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On the Minds of Investors

On Investors' Minds - APAC Edition

Listen to the latest insights from Tai Hui to better understand what is happening in the financial markets from our Asia Pacific headquarters in Hong Kong

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Asian earnings update: Third quarter’s the charm?

This paper discusses the factors surrounding Asian equities' robust 3Q25 earnings results, and the investment strategy ahead.

What are stablecoins?

This paper discusses the use cases for stablecoins, the key risks surrounding stablecoin transactions, and the investment implications.

Why Asian bonds now: Capturing value in USD-denominated EM credit

This paper discusses the case for Asian credit on the back of investment-grade corporates showing strong fundamentals and high-yield credit with lower default risk.

3Q25 U.S. earnings update

This paper discusses the impact of the tech sector and AI in driving the 3Q 2025 earnings season in the U.S., and the investment implications.

Energy Infrastructure: AI’s power play

This paper discusses the interplay between energy demand and AI data centers, energy supply and current constraints, and the investment implications.

Could recent defaults signal potential trouble in private credit?

This paper discusses the recent defaults in the auto sector, and the potential implications for private credit.

Path to a high-quality and more balanced growth: What to expect from China’s 15th Five-Year Plan

This paper discusses the key takeaways from the 4th Plenum of the 20th Communist Party of China Central Committee, and the investment implications.

Do circular AI deals warn of a bubble?

This paper explores how overlapping partnerships among hyperscalers, chipmakers and model developers are reshaping AI markets with robust fundamentals.

Which interest rates will fall as the Fed cuts?

This paper discusses why the yield curve could steepen further with the Federal Reserve cutting rates, and the investment implications.

Takaichi’s LDP election win and the policy implications

This paper discusses the potential policy implications of Sanae Takaichi’s election win amid concerns over fiscal deterioration and rising inflation in Japan.

Trade turbulence (Part 9): Finding silver linings for ASEAN economies

This paper discusses why ASEAN equities can act as effective diversifiers in investors’ Asian equity portfolios in light of uncertain U.S. trade policies.

How does a potential U.S. government shutdown impact markets?

This paper discusses the potential impact of a U.S. government shutdown on global markets, and the need for investors to diversify across asset classes.

Will low rates lift the private equity market?

This paper discusses how private equity presents a viable investment opportunity on the back of high valuations and concentration in public markets, and lower rates around the corner.

Chinese equities: AI, anti-involution and globalization at crossroads

This paper discusses the support to Chinese equities from AI developments, anti-involution and globalization.

Bringing back the rate cut investment game plan

This paper discusses the potential impact of policy rate cuts on risk assets, like equities and corporate credits.

India: Macro strong but equity market struggles

This paper discusses the downward revision of India's 2025 earnings despite a robust macro environment, and the investment implications.

Trade Turbulence (Part 8): China trade – resilience amidst adversity

This paper discusses the resilience of China's trade amidst complicated trade dynamics, and the long-term outlook.

Could private equity be the new small cap for growth investors?

This paper discusses the growing importance of the private equity space, and how it can represent superior investment opportunity over small cap stocks.

How is the Asian market performing in 2Q25 earnings season?

This paper explores the resilience of Asia's earnings growth for 2Q25 on the back of ongoing U.S. trade policy uncertainty and developments in AI, and the possible investment implications.

U.S. 2Q25 earnings update: Batten down the hatches

This paper discusses the investment implications from the latest 2Q25 U.S. earnings update, and the strategies by companies to mitigate risks from tariff uncertainties and the inflation spike.

Trade Turbulence (Part 7): August 1 came and went—what’s next?

This paper addresses the impact of ongoing uncertainties around tariffs on trade, and the investment implications.

The investment implications of weaker labor supply

This paper discusses the Federal Reserve's dilemma on the back of a slowdown in labor demand and supply, and the investment implications.

Are securitized assets at risk?

This paper discusses the positioning of securitized assets in portfolios on the back of pick-up in yields above U.S. Treasuries and low correlation to equities.

European equities: Is it too late to catch the rally?

This paper discusses the outperformance of European equities compared to the S&P 500 in 2025, and the factors that could further drive portfolio rebalancing away from the U.S.

Rethinking offshore and onshore equities in today’s China market

This paper discusses the potential for diversification of growth and income opportunities for investors within Chinese equities.

Unpacking the OBBBA’s impact on the U.S. economy, fiscal health and more

This paper discusses the potential impact of the OBBBA on the U.S. economy, its fiscal position and debt levels, and the investment implications.

What could a higher-for-longer interest rate policy mean for real estate?

This paper discusses the opportunity in real estate on the back of higher-for-longer interest rates creating dislocation and supply constraints.

Should portfolios hedge the U.S. dollar weakness?

This paper discusses the need for currency hedging on the back of U.S. economic slowdown and policy directions pressuring the USD downwards.

What are the economic and market implications of the Israel-Iran conflict?

This paper discusses the ongoing tensions between Israel and Iran, and the implications on oil prices and the global economy.

How is AI being adopted by businesses?

This paper discusses the impact of artificial intelligence advancement on businesses, and the investment implications.

Time to go for gold?

This paper discusses how commodities, especially gold, can be a valuable investment tool for diversification and hedging against global growth risks.

Trade Turbulence (Part 6): Are we out of the woods yet?

This paper discusses the possibility of the U.S. economy continuing to slow given materially higher tariff levels and lagged effects from earlier escalations, and the investment implications.

What are the implications of Moody’s downgrade of the U.S.?

This paper discusses the reasons for Moody's downgrade of the U.S., and the implications for markets and investors.

Navigating shifts: Asian sentiment in the face of uncertainties

This paper discusses the impact of a weaker U.S. economy and supportive monetary policies across Asia on Asian growth, and the investment implications.

Will private credit’s resilience be tested soon?

This paper discusses the resiliency and flexibility of private credit structures, and the possible risks associated during a challenging economic environment.

Asia earnings update: How are companies reacting to tariff uncertainty?

This paper, written by Adrian Wong, highlights Asian equities' resilience amid tariff uncertainties, offering diversification with undemanding valuations.

If the U.S. sneezes this time, will Asia catch a cold?

This paper discusses the reasons why APAC could be more cushioned to withstand an economic downturn in the U.S. this time around, and the investment implications.

U.S. 1Q25 earnings update: Batten down the hatches

This paper discusses the strong first quarter U.S. earnings data points on the back of tariff uncertainty and a lower U.S. dollar, and the investment implications.

Is the U.S. dollar’s role in global finance challenged?

This paper discusses the recent weakness in the U.S. dollar as a result of both policy and economic reasons, and the investment implications.

How can investors quickly diversify in times of market volatility?

This paper discusses how investors can diversify their portfolios during market volatility with liquid alternatives, risk management and tactical asset allocation for capital preservation and potential gains.

A good start, but what’s next? Key takeaways from the China data release

This paper discusses the latest GDP and economic activity numbers in China and the factors that may impact strong growth for the rest of 2025, along with the investment implications.

Should investors be concerned with the rise in U.S. Treasury yields?

This paper discusses the factors surrounding the rise in U.S. Treasury yields, and the investment implications.

Trade Turbulence (Part 5): Pivoting with a pause in tariffs

This paper discusses the 90-day pause on reciprocal tariffs by U.S. President Trump, and the investment implications.

Potential impacts of the April 2nd tariff announcements

This paper addresses the potential impacts of the universal and reciprocal tariffs announced by the U.S. on 2nd April, and the investment implications.

Investing principles: Steering the boat through choppy seas

This paper, written by Raisah Rasid and Jennifer Qiu, addresses the importance of a diversified portfolio to manage market volatility and capture potential recovery upside.

Trade Turbulence (Part 4): Ahead of April 2

This paper discusses the tariff proposed and implemented by the Trump administration, and what to expect on April 2nd and the potential impact.

U.S. Market Correction: What’s next?

This paper discusses the slowdown in growth in the U.S. economy and the possibility of a recession on the back of policy uncertainty, and the investment implications.

Rethinking equity income as market uncertainties rise

This paper addresses the case for defensive and income seeking strategies on the back of growing uncertainties around government policies, geopolitics and monetary policies.

One stabilizer, two boosters: Key takeaways from Chinese NPC annual session

This paper discusses the key takeaways from the Chinese NPC annual session, and the investment implications for Chinese and Asian investors based off recent market volatility.

How can we address market concentration risks?

This paper discusses how investors can manage the concentration risk in the global equity markets, and the investment implications from diversifying across indices, geographies and asset classes.

Trade Turbulence (Part 3): Potential tariff goals and implications for Asia

This paper discusses the motivation and impact of the proposed U.S. tariffs on its trading partners, and the investment implications.

Growth drag from policy uncertainty

This paper discusses the impact of higher tariffs and lower immigration on the U.S. economy, and the uncertainty accompanied by the rapid pace of the executive orders initiated by U.S. President Trump.

Which markets could be most impacted by reciprocal tariffs?

This paper discusses U.S. President Trump's trade and foreign policy approach, and the possible impact of reciprocal tariffs on markets.

From semis to services: the rally in Chinese soft tech

This paper discusses the upward trend in Chinese equities in 2025 on the back of the recent AI developments, and how more positive macro catalysts can help further sustain this market and investor sentiment.

Asian equities: A silver lining in the tariff fog

This paper, written by Adrian Wong, discusses the attractiveness of Asian equities on the back of 4Q earnings releases, and the investment implications.

The evolving tide: the present and future of maritime transport

This paper addresses the case for transport assets as a means for portfolio diversification on the back of broader trade uncertainty and economic volatility.

India still promising, even after losing momentum

This paper addresses why the Indian market continues to remain a promising investment opportunity in spite of recent downturn in macroeconomic and market performance.

The investment implications of the U.S. trade tensions

This paper addresses the recent trade tensions caused by the imposition of heavy tariffs by U.S. President Trump on Mexico, Canada and China, and the investment implications.

Why are developed market government bond yields rising?

This paper, written by Tai Hui, discusses the spike in developed market government bond yields in recent weeks on the back of political and economic circumstances, and the investment implications.

Twists and turns: Chinese data, policy prospects and investment implications

This paper, written by Chaoping Zhu, discusses the China 4Q 2024 GDP results on the back of policy stimulus measures, and the need to maintain policy consistency heading into 2025.

Reiterating investment principles when it comes to U.S. equities

This paper, written by Tai Hui, addresses U.S. equity investment, highlighting the importance of fundamentals, and managing portfolio during market fluctuations.

Trade turbulence (Part 2): Near-term pain, long-term gain for Asia trade

This paper discusses the near-term pains that await Asian economies from the proposed U.S. tariffs, and how Asia can navigate this trade uncertainty from a long-term perspective.

Asian equities: Seeking alpha amid trade uncertainty

This paper addresses the challenges that lie ahead for Asian equities in 2025 amid trade tensions and a strong U.S. dollar, and the investment implications.

How could policy changes impact alternative investments?

This paper, written by Meera Pandit, discusses the potential impact of U.S. government policy changes on alternative assets.

Trade turbulence (Part 1): Navigating a potential U.S.-China trade war

This paper, written by Jennifer Qiu, addresses the broader impact of potential U.S. tariffs on China, and the investment implications.

Central bankers are not rushing into things

This paper, written by Tai Hui, addresses why policy easing amid a soft landing backdrop should be positive for both equities and fixed income.

View more On the Minds of Investors

Portfolio insights

Global Asset Allocation Views 3Q 2025

The U.S. economy remains resilient. Our portfolios are modestly long risk, focusing on credit and targeted equity overweights. We prefer ex-U.S. duration and anticipate further dollar weakness in the second half of the year.

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Global Fixed income views 3Q 2025

Amid strong corporate balance sheets and global fiscal expansion, the U.S. is likely to avoid recession, although growth may slow. We approve Federal Reserve policymakers’ pause, given current uncertainties. We favor non-U.S. exposures, emerging market debt, AT1 securities and securitized credit.

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Global Equity Views 3Q 2025

We expect solid profit growth this year and some acceleration into 2026. Our investors are more enthusiastic about markets in Europe and Asia than in the U.S. and broadly favor quality financial and health care stocks.

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Emerging Market Debt Quarterly Strategy

Our quarterly EMD strategy report assesses the latest economic developments in emerging markets and sets out our base case scenario for the asset class.

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Factor Views 3Q 2025

Factors fell slightly in a quarter of policy whiplash. Regions diverged: International equity factors gained while U.S. equity factors fell. Equity value is becoming more attractive globally, and we like relative value-oriented macro factors.

Read the latest views