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    Market Outlook Ex-Japan Risk assets from most major markets recovered strongly despite considerable geopolitical turbulence in the Middle East region. Latest quarter corporate earnings announcement drove investors risk appetite. Both technology and financial sector earnings were strong. The World Index gained 4.37% in May. The MSCI Far East

Risk assets corrected sharply amid escalating Middle East war when the US and Israel launched unilateral pre-emptive strikes on Iran on February 28. In retaliation, Iran closed the Strait of Hormuz through which about 20% of crude oil and LNG exports from the Gulf pass through, resulting

Risk assets in most markets continued to move higher, albeit cautiously and unevenly. US tariff news took centre stage again during the month. On 20 February, the US Supreme Court came out with its decision on Trump’s emergency tariffs, ruling them as illegal. The markets rallied following

Risk assets continued to head higher going into the final month of the year as Fed reduced interest rate by 25 bps in December. The World Index gained 0.73% in December. The MSCI Far East Ex. Japan index recovered, gaining 3.24%, driven by North Asia markets, in