Asia Pacific Portfolio Strategy Asian Equity Market Daily Update

The MXAPJ index remained flat on July 1, 2026, amid mixed performance across regional markets. While technology and industrials remain key year-to-date drivers, current valuations appear elevated relative to bond yields.

Key Takeaways

• 1.The MXAPJ Index was flat today, with strong performance in Taiwan and the Philippines contrasted by underperformance in Korea and Australia.
• 2.Asian equities maintain a valuation discount compared to the US, trading in line with European valuations.
• 3.The MXAPJ equity/bond yield gap of 370bp (-0.8s.d.) signals that current equity valuations are expensive relative to bonds.

Table of Contents

• Asian equity market daily update
• Asian markets at a glance
• Market valuations
• Japan in a nutshell
• Performance and correlation heatmap
• Fund Flows and Liquidity
• Market breadth and baskets performance
• Overview of our strategy baskets' performance
• Macro environment and financial conditions
• Earnings revisions of regional markets and sectors

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