1、in insights2025 Market OutlookAsia and Emerging Markets:Opportunities amid shifting tides2025 Market Outlook Asia and Emerging Markets:Opportunities amid shifting tides32The articles in this document have been produced by Eastspring Investments(Singapore)Limited.Please see important disclaimer at th

2、eend of the document.ForewordForewordViews from the regionInvestment ideasRisk radarForeword3 Investment ideasEmbracing Asias giants Focusing on value Being tactical and nimble Seizing thematic trendsEnhancing portfolio buffers 4 Views from the region Different perspectives from our investment teams

3、 across the region.16 Risk radar 20 Contents“There is a tide in the agents of men.Which taken at the flood,leads onto fortune”William Shakespeare The world faces a year of uncertainty going into 2025.While we expect global growth to plod along in the first half of the year,the second half would be l

4、argely influenced by developments in the US and China.The policies from the incoming Trump administration are expected to be inflationary and boost US growth in the short term.However,the rise in protectionism and tariffs should weigh on the global economy eventually.The uncertainty surrounding Trum

5、ps policies and the sequence of their implementation add a significant level of unpredictability to the outlook.All eyes will also be on further stimulus measures from China.Targeted and effective measures that lift consumer confidence and spending would be viewed positively.While 2024 marked the st

6、art of the US Federal Reserves(Fed)rate cut cycle,a fuzzier inflation picture in 2025 suggests the pace of rate cuts is going to be tempered,and the Feds terminal rate may end up higher than initially expected.Carry should be the main driver of bond returns in the new year.The spike in US Treasury y