2024 Mid-Year Investment Outlook for Asia Equities

This document is a report detailing the investment outlook for Asia ex Japan equities for the year 2024. It outlines the robust performance of the equity market in the first half of 2024, driven by strong domestic demand and a resurgence in global demand. The report emphasizes the favorable global macro environment and controlled inflation rates, which support expectations for continued growth in the second half of the year. It discusses the positive economic indicators from India, including a significant GDP growth rate and rising domestic consumption, which are expected to drive growth. Additionally, the report highlights the recovery of China's economy, supported by domestic demand and government policies, as well as the benefits to trade-dependent economies like Korea and Taiwan from increased external demand. The report also addresses potential risks, including global economic volatility and election risks in major Asian economies, while noting the attractive valuation of Asian markets compared to developed markets.