Market Review ASEAN


  • Q2 2018
    Markets remained volatile during the second quarter as trade war rhetoric between the US and China escalated further. President Trump threatened to impose additional import tariffs of up to $200 billion on Chinese products if China continues to retaliate against US duties on imports announced earlier.
  • Q1 2018
    The strength of the 2017 global market did not carry over to the first quarter of 2018, as the Trump administration imposed import tariffs on steel and aluminum. In retaliation, China introduced its own tariffs for US products, including soybeans, airplanes, and automobiles.


  • Q4 2017
    2017 was a remarkable year for equity markets around the world but not entirely in the way we normally think of a "Great Year for Stocks." While the percentage gains were significant, they were not unprecedented. As recently as 2013, the S&P 500 Index (SPX) returned 32.39% compared to the 21.82% gain of 2017.
  • Q3 2017
    Global markets remain generally healthy with the major central banks, including the US Federal Reserve and the European Central Bank, now focusing on monetary tightening and offloading inflated balance sheets. Notably, the S&P 500 Index rose 4.48% during the third quarter and is up 14.24% year-to-date.
  • Q2 2017
    The global economy continues to pick up steam buoyed by both advanced and emerging economies. As a result, the Fed at its June meeting slightly upgraded growth forecasts and tightened monetary policy further. May was another decent month for US job gains, with the labor market adding 138,000 jobs...


  • December 2016
    Except for Singapore, all ASEAN equity markets recorded gains. Being the last trading month of the year, we believe that equity markets received a boost from year-end window dressing activities. Although markets fared well, concerns remain on international trade and the global political landscape after the unanticipated US election victory of Donald Trump.
  • November 2016
    The ASEAN equity markets were generally weak in November as Malaysia, Indonesia, and the Philippines retreated meaningfully while Singapore and Thailand posted monthly gains. On November 8, US Republican Party presidential nominee Donald Trump unexpectedly won the US presidential election. Most polls and pundits were predicting a win for...
  • October 2016
    The ASEAN equity markets were mixed in October as Malaysia, Indonesia, and Thailand recorded gains while Singapore and Philippines posted monthly declines. Generally, global equity market performance in October was influenced by US presidential election uncertainty and crude oil price volatility.
  • September 2016
    The ASEAN equity markets were generally weak in September as the Philippines, Thailand, Malaysia, and Indonesia all posted declines, with Singapore being the lone gainer. Regional markets were impacted by continued oil weakness, Fed rate worries, and North Korea's claims of a successful nuclear test.
  • August 2016
    The performance of ASEAN equity markets was mixed in August as Malaysia, Indonesia, and Thailand posted strong gains while the Philippines and Singapore ended the month in negative territory. Indonesia continued its strong performance as foreign investors remained excited about ongoing reforms and infrastructure spending there.
  • July 2016
    ASEAN equity markets mostly continued their strong performance in July as Indonesia, the Philippines, and Thailand delivered upbeat local-currency returns. Indonesia benefited from accelerating infrastructure projects and the tax amnesty plan announced in early July. Investors also rewarded the Philippines as they cheered the new policies of President Rodrigo Duterte.
  • June 2016
    ASEAN equity markets performed well in June as Malaysia, Indonesia, the Philippines, Thailand, and Singapore all delivered positive local-currency returns. The Philippines, in particular, delivered yet another strong performance driven by the election victory of popular candidate Rodrigo Duterte. Indonesia also had healthy returns as infrastructure projects picked up steam...