Risk assets strengthened further in September across regions. As expected, the Federal Reserve cut rates by 25 bps in September. The markets reacted positively, registering broad-based gains. The market has also factored in an additional 50 bps of cut for the rest of 2025. The World Index gained 3.09% in September. The MSCI Far East Ex. Japan index continued to chalk up further gain, adding 7.99%, driven by North Asia markets. ASEAN equities performance lagged with a return of +0.11%, after a +2.39% gain in August. Vietnam (-1.22%) and Philippines (-3.28%) stood out with negative returns. Regional currencies mostly weakened against the USD. The best performing currencies were Malaysia Ringgit (+0.42%) and Taiwan NT (+0.35%), while the weaker ones were Philippines Peso (-1.82%) and Korean Won (-1.01%).