investing in the asian market
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Investing in the asian market forex indicator is profitable

Investing in the asian market

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Here are some examples. Firstly, we invest in a South Korean company which is a material supplier to the Korean battery industry that is taking market share from Japanese suppliers. Secondly, we also invest in a Chinese company becoming the global leader for battery housing for electric vehicle batteries. That company has defeated German peers to be the sole supplier for Volkswagen's electric battery platform in Europe.

The third company is a Malaysian company that is taking market share in the automotive lighting sector. If you think about what is important for EV manufacturers, they need to focus on three things: energy efficiency, unique design and product differentiation. We believe lighting is going to be a key part of that. While the rest of the world was cutting rates to zero and below, Asia has been cutting rates too.

However, the most important thing is that in Asia they haven't reached the lower bound, so there's still a lot further to cut. In places like India, South Korea, and Malaysia, there's still a lot more flexibility to both ease monetary policy across the board and still a lot more flexibility on the fiscal side. Turning to the recovery, Asia is displaying a strong recovery and we believe it is going to continue in and into So what does that mean for credit?

It means that there is a higher growth trajectory across Asia relative to the rest of the world due to higher earnings power and the ability to pay back on debt. Duration is where it gets interesting. You can see duration has really lengthened in the past eight years for the developed markets.

As a word of warning, a lot of credit markets now are getting longer in duration and we have not yet had a big volatile period where interest rates have tested the longer dated exposures. When we look at Asia from a credit or yield perspective, we can clearly see that Asia in the red line here relative to US and Europe, on both the high yield side and on the investment grade side has a substantial pick up in yield gap.

In a world where capturing income remains difficult, Asia delivers high income and underlying exposures to some of the fastest growing firms and countries globally. A clear message here is that Asia fixed income stacks up from a risk and return perspective relative to other markets.

Looking forward, we think Asia offers substantial pick up relative to the risk that you've got to take to go into the US market, in particular, today. Now we'll turn our attention to China. So the clear message to all CIOs around the world is: everything that you currently own is going to be sold as China becomes more included in the global indices around the world.

On top of that, there is a tectonic shift inside China's debt capital markets, going from the loan to bond markets. And the Chinese bond market has essentially been doubling in size every five years. So this story is not a static one, and we believe you're going to see the Chinese bond market closing the gap to the US market within the next five years. It's offering one of the highest nominal yields in the world today compared to other developed markets and is offering one of the highest real yields in the world today in bond markets.

When we have bonds in our portfolio, we're looking for negative correlation to risky assets to create that barbell or convexity within our portfolios. Chinese bonds have very low correlation to other bond markets, as well as equity and credit markets.

What's more concerning is that we can start to see some bond markets exhibiting equity-like volatility characteristics. Secondly, as bonds move closer to 0 or negative yields, the sensitivity of the bond markets goes up. So just to sum up. Asian credit looks like it offers a lot of value today relative to other markets. When we consider the risk as well, the assessment looks even better, particularly on the investment grade credit side.

With a huge structural change that's underway on the Chinese bond market side, both from an index perspective as well as from a normal and real yield volatility and correlation perspective, we think that Chinese bonds have a place in everybody's portfolio today. And we need to see for which companies and where this is a moderate hindrance and where perhaps it might be lethal. Starting with internet. We have already seen the fine on Alibaba. We are also seeing moves toward anti-monopoly laws being executed and enforced.

But we feel that their natural growth and potential arises not from the exercise of monopoly power, but from the basic natural laws of greater efficiency through the use of technology, such as network effects. The government is not necessarily taking away the impact of these natural network effects. So companies in the sector can continue to grow - albeit at a slower rate compared to in the absence of regulation - but still they will make good profits and I would expect other countries might see similar regulations in the future.

Education companies will have to pay more attention to anti-monopoly measures, like being careful about misleading advertising. Regulators are also talking about restrictions on Saturday classes, so the public school system will supply some activities for Saturday, possibly supplanting some of the activities of the private education companies.

But the underlying driver for the tremendous demand for education in China is the desire to give children every advantage in getting into a good university, and this is common among East Asian cultures, and we do not believe it can be changed by regulations.

We've seen this attempted before in Singapore, for example, where there was concern about too much tuition. In the end, however, the natural desire of parents to do the best by their children remained a great driver. We saw a bout of regulation in the education sector in as well. In some ways the stronger players were helped because the weaker players have a harder time dealing with the regulatory burden.

So we feel that the stronger players will face more regulatory pressure in the short term, but will actually gain a relative advantage and perhaps take market share faster than they would have in the absence of regulation. Many experts were confounded by the second waves that we're seeing in India and other countries as well, so that it's intrinsically hard to predict. So we need companies that can withstand a prolonged lockdown situation. Now that means having good cash flow, low fixed costs, and not having too much leverage.

And when we form the portfolio we balance the so-called COVID beneficiaries as well as the recovery beneficiaries. COVID beneficiaries are obviously in the online space, so online education, e-commerce, and social media streaming, which people need to consume more of if we have continued lockdowns. And then, on the other hand, we do have some of banks that will benefit from the recovery, so we tend to hold a fairly balanced portfolio with strong companies that can withstand the buffeting of COVID HB: So we actually had quite strong currency performance across Asia over the last couple of months.

Currencies have been appreciating against the US dollar as it started to get weaker. However, India has been on the weak side, so in a way it gives you opportunities in an active sense to leg into those currencies where the blocks are stronger. Particularly in India we've been underweight, but we're now looking into it as an opportunity to get back involved in that market, as that's starting to look attractive to us from a valuation and risk perspective. HB: Yes, it is relatively expensive to hedge.

But there are ways to structurally hedge the portfolio today. We would use the trade weighted basket as a guide. If you're on a Bloomberg Terminal, that's called the CFETS basket and essentially that has been in a range from 92 to about 96, and we're sitting at about 97 today. That index is the way that the Chinese manage their currency. They introduced a policy in mid, which is to say that they want to have a very low volatility currency to their key countries that export food and energy to them.

So when it's up around 97, we know the currency is expensive. You've heard a lot of jawboning from the central bank already talking about wanting the currency to come back down. When it's at 92, we would probably be fully unhedged and above 96 fully hedged to manage your portfolio if you think the hedge cost is too expensive, or to take some different views to the Euro or Swiss Franc in particular.

For the largest personal care company in India, basically what they report is that across almost all their product categories, things like shampoo, detergent, tea, cosmetics and so on, their premium brands are selling at twice the rate of the more generic brands. You can also see that in the auto sector. Sales of larger premium brand motorcycles are actually selling better than the industry average. Take a look at South East Asia, and Vietnam in particular.

Maybe it's not a country that is investible right now, but if you look at what's happening there, the trends look clear and visible. In beer, for example, the premium brands or the mass premium brands are actually selling or taking market share from the mass consumption brands.

Raymond: I think we see this for example in cosmetics. It's not just Chinese people who want to buy better cosmetics, but actually across all markets people are graduating from the more mass market to the more premium brands. Raymond: There have been certain periods when small-and mid-cap companies have been more risky than large caps, but at other periods of time actually they're not.

Importantly, having an investment in an active fund is probably the preferred approach to a passive index in this investment class. Simply because, in an active fund, you're able to filter out some of the more risky stocks or risky companies in the universe and therefore able to control risk in the portfolio. So having a quality bias really helps in controlling that aspect of the investment class.

The Vietnam stock market trades with a turnover of roughly USD million per day. So it's hard to get big exposure. For example, you may have a milk company and then a lot of state-owned banks which may not give you the full benefit of the dynamism of the Vietnamese market. On the other hand, there are companies around the region that are making money selling into Vietnam, whether it's beer, cement, internet, or other services, for example.

So these companies may be better placed, but may also be listed in Thailand or even Singapore or Indonesia or elsewhere. GW: We have always felt that ESG is important, so it has been part of our investment process for the past 10 years or so, certainly before it became as fashionable as it is now. However, I would say for Asia, and in common with other emerging countries, there is still not a good appreciation of the importance of disclosure among the companies.

Certainly from a Western lens, the expectation is that your annual report, or specific ESG report, would actually have disclosures of all your policies. Where some Asian companies are following ESG practices but not really talking about it we, as active fund managers, have to engage with the companies.

When we read an ESG report from a specialist, we will go to the company if there are any issues that are raised and flagged as a concern. If it is a matter of disclosure, we will encourage the companies to get in contact with ESG specialists and then make the appropriate disclosures. If there is in fact a material shortcoming on the part of the company, we do engage with them and encourage them to improve.

If there is a serious problem and the company is not showing progress, we may divest from the company. So ESG has always been important to us, but certainly it's gaining much more importance in the entire investing world.

This website uses cookies to make sure you get the best experience on our website. You can find more information under the Privacy Statement. You are free to change your cookies' settings in the privacy settings. Asia Now — stock and bond investing outlook — 10 key points. The Asia ex-Japan regional economy will grow by an estimated 8.

Asia is also now leading in innovation with more patents filed in Asia. In general, Asian companies are fundamentally healthy, with low debt and rising cash balances, and Asia stock valuations are cheap compared to major asset classes. A number of themes, including shifting consumer patterns, increasing e-commerce, rising credit penetration, and digital transformation, will likely be secular growth drivers for the future. Asia small cap companies are under-researched and can give investors exposure to the many thematic trends playing out both in Asia and the world.

Asian countries like Vietnam are growing rapidly, and it is possible to get exposure to the growth dynamic by investing in companies listed outside the country. The greater inefficiency with Asian markets and big trends playing out in the region create winners and losers, making it possible to generate active returns. That's no longer the case. Asian companies are fundamentally healthy.

Similarly, debt is near a historical low for Asian companies. Higher interest rates are not necessarily a headwind. Recently there's been some fear in the market about rising bond yields. Keep reading to learn how you can buy stocks in Asia. Once you consider the fact that a brokerage account here allows you to trade in Malaysia, Vietnam, Indonesia and plenty of other emerging markets, it seems even bigger though.

If not, you should probably first become familiar with your local market before making international stock trades. A brokerage account with large financial institutions including Fidelity, Schwab, or Interactive Brokers will grant you access to some Asian markets. Typically, a brokerage account based outside of Asia will let you buy stocks in Singapore , Japan, and Hong Kong. Out of all the American and European companies, Interactive Brokers offers the greatest amount of flexibility.

Having some exposure to developed Asia is also a good idea. Stocks in Vietnam, the Philippines, and Indonesia have better fundamentals and more attractive valuations right now. Because of this, opening a brokerage account in either Singapore or Hong Kong provides you with greater access to equity markets across the entire Asian continent.

Still though, frontier market economies are driven by internal growth factors, and exposure to them can enhance almost any portfolio. These countries stand to gain from positive demographic trends including robust population growth, rising urbanization rate, and a low-average age.

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How to Invest in Asian Stocks

Discover how to access the Rise of Asia with iShares ETFs that give you to exposure to a broad range of regions and Emerging Markets in a simple & low-cost. Comprehensive information on Asian financial markets. Including stock markets, indices futures, commodities and financial futures. Find information on Asian stock markets, including price, performance over time, technical analysis summaries and key fundamental information.