SINGAPORE (Jan 21): In the past week, the mood among investors has brightened as the US and China edged away from a suicidal trade war, Chinese policymakers adopted ever more aggressive stimulus and the US Federal Reserve signalled that it would only tighten monetary policy cautiously. With these major risks apparently diminished, emerging Asian markets celebrated.

The question is whether the fundamentals justify this ebullience? The answer is no.

US-China trade talks: Yes, a deal is likely…

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