Market Review

Risk assets continued to move higher in October, particularly in markets which are beneficiaries of AI investments. As expected, the Federal Reserve further cut rates by 25 bps in October. The markets were driven by positive US corporate result announcements. The easing of trade tensions between US and China also lifted investors’ sentiment. The World Index gained 1.94% in October. The MSCI Far East Ex. Japan index chalked up further gain, adding 4.47%, driven by North Asia markets in particular Korea and Taiwan markets. ASEAN equities performance lagged with a return of +2.37%. Vietnam (-1.33%) and Philippines (-0.40%) stood out with negative returns. Hong Kong shares also saw profit taking after strong performance in past months. The performance of regional currencies was mixed against the local currency. The best performing currencies were Malaysia Ringgit (+0.42%) and Vietnamese Dong (+0.42%), while the weaker ones were Taiwanese NT (-0.89%) and Korean Won (-1.78%).

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