The US tariffs could be a negotiation tool for concessions. We don’t expect this to be US Inflationary, and see divergent winners and losers ahead.
“Exceptionalism” drives earnings growth. China’s evolving policy response and strong US liquidity are other supportive factors for risk assets.
South Korea’s President Yoon survives impeachment. An uncertain short-term period may ensue in Korea, but adverse market impact is limited.
The declaration and reversal of martial law in Korea is unlikely to thwart Asia’s positive fundamentals into 2025.
There are SGD credit alpha opportunities worth exploring, that have been mostly overlooked by global investors.