Asian Equity Market Daily Update

Asian markets fell 0.6% on May 18, with significant performance dispersion between high-growth markets like Korea and underperforming markets like Indonesia. While the YTD return for MXAPJ remains strong at 18.5%, valuations are increasingly seen as expensive relative to fixed income.

Key Takeaways

• 1.The MXAPJ Index experienced a 0.6% daily drop, with significant underperformance in Indonesia and Australia.
• 2.Korea and Taiwan are the primary drivers of Asia-Pacific equity gains in 2026, with Korea gaining 89.5% YTD in USD terms.
• 3.Info Tech remains the leading sector YTD (+66.1%), while Real Estate and Materials have lagged recently.

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
• Disclosure Appendix

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