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Developed Asia

May 2012

Developed Asia’s equity indices ended April slightly higher. The MSCI Asia Pacific (ex-Japan) index added 0.8% in local currency terms. Shares have risen on hopes that central bankers in the US and China would act to stimulate their respective economies. Although Europe’s ongoing debt drama – a main export market – hit wider sentiment.

Australian markets have provided much of the recent talking points. The country’s central bank surprised analysts when it cut interest rates by 50 basis points to 3.75% on 1 May. The cut was larger than many had expected, and was made in an attempt to kick-start Australia’s slowing economy. Tourism and manufacturing numbers have been disappointing, weighed down by the strength of the Australian dollar. House prices have also fallen, with many fearing a slump in the real estate market could damage the wider economy.

The South Korean economy, meanwhile, was able to shrug off worries about a slowdown in China to deliver its best quarterly performance in a year. Government outlay and increased investment from the semiconductor sector meant GDP was 0.9% for the first three months of 2012, up from 0.3% in the previous quarter.

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