Opinion | Make hay - and hedge - while the sun shines on our markets, as change may arrive in a heart beat
Rising US rates and bond yields, plus a strengthening US dollar will sound the death knell to Asia’s equities bull market.
Among even the most contrarian of investors, there’s a grudging acceptance that the fundamental, valuation and technical architecture framing Asia’s current bull market is broadly sustainable, at least for the next quarter or two.
Indeed, standing in front of price momentum year to date, particularly in North Asia, has been like standing in front of a train. Bears have been crushed.
But averages can be deceiving. Asia’s longest rally - between April 2003 and October 2007 - comprised fully 55 months and returned an impressive 315 per cent. Similarly, averages have been rendered moot in the United States with the S&P’s 106-month rally now the second-oldest bull market on record since 1928.