Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Bernstein analysts remain optimistic about Asian markets for the second half of 2025, citing strong foreign capital inflows, improved corporate earnings, and supportive policy environments. The brokerage is especially bullish on South Korea and India, while maintaining a neutral stance on China.
Asia ex-Japan outperformed U.S. equities in the first half of the year, and Bernstein expects this trend to continue. South Korea led the region, with the KOSPI index soaring over 30% year-to-date. The liberal party’s presidential victory in 2025 ended a period of political instability, further fueling market optimism. Bernstein advised investors to “double down on Korea,” pointing to attractive valuations, an anticipated upgrade cycle, and sustained foreign investment despite recent inflows.
Indian equities also drew positive sentiment, driven by robust economic growth and a strong earnings outlook. However, Bernstein cautioned that valuations were becoming stretched as the Nifty 50 approached record highs.
China and Hong Kong equities showed resilience despite macroeconomic and geopolitical pressures. Yet Bernstein maintains a neutral position on China due to weak macro trends, lackluster foreign interest, and a continuing earnings downgrade cycle, coupled with limited policy support.
Elsewhere, Taiwanese stocks may have rallied too far, with foreign flows nearing their peak. Singapore and Hong Kong remain appealing for value and yield-seeking investors. Indonesia and Malaysia, while underperforming, show early signs of recovery in earnings and valuations.
Despite early-year headwinds from U.S. President Donald Trump’s trade tariffs, Asian markets rebounded strongly in Q2, with valuations nearing multi-year highs. Easing U.S.-China trade tensions also supported the rally, though uncertainties around future tariffs persist.
