Asian Equity Market Daily Update

The MXAPJ index rose 0.4% on May 13, bringing YTD gains to 21.5%, though high valuations relative to bonds remain a point of concern.

Key Takeaways

• 1.The MXAPJ Index rose 0.4% today, led by outperformance in Korea and Thailand, while Indonesia and Taiwan lagged.
• 2.Year-to-date, Asian markets (MXAPJ) are up 21.5%, driven primarily by the Info Tech and Industrials sectors.
• 3.Equity valuations for MXAPJ appear expensive relative to bonds, with an equity/bond yield gap of 340bp.

Table of Contents

• Asian markets at a glance
• Market valuations
• Japan in a nutshell
• Performance and correlation heatmap
• Fund Flows and Liquidity
• Market breadth and baskets performance
• Macro environment and financial conditions
• Earnings revisions of regional markets and sectors

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