(Nov 20): Asean equity markets are up 20% year-to-date, in US dollar terms, according to a Nov 13 report by Morgan Stanley Research equity strategists Sean Gardiner and Aarti Shah. That is not a bad show, but it masks differences among the various countries. Singapore has rebounded from a weak 2016, while expectations of reform have prevailed in the Philippines. However, markets such as Indonesia, Thailand and Malaysia have faced “disconnects between improving macro climates and stagnating to deteriorating micro factors”, the report says.

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