Firm Asia and geopolitical risks in Turkey

Emerging markets have posted the strongest year-to-date performances, driven by Asia which has been buoyed by the strength of the global economy.

Geopolitical tensions in Russia and Turkey are nonetheless a cause for concern.

We have also resumed a neutral positioning in the ASEAN markets following resurgent growth in Indonesia, Thailand and the Philippines.

• We are remaining underweight telecoms, which are under pressure globally.
• Tech stocks and materials should continue to benefit from the changing environment.