MXAPJ retreated 1% as renewed US yield pressure triggered broad-based outflows across Asian markets, offsetting continued strength in Tech; seasonality typically turns more supportive in Q4

MXAPJ retreated 1% as renewed US yield pressure triggered broad-based outflows across Asian markets, offsetting continued strength in Tech; seasonality typically turns more supportive in Q4. MXAPJ fell 1.3%, with Taiwan and Australia (+0-1%) outperforming Philippines (-4%), India, and Indonesia (both -3%). Health Care, Tech Hardware & Semis, and Capital Goods led, while Autos, Telecom Services, and Energy lagged. EM Asia ex-China saw strong outflows of US$10bn, driven by Korea (-US$6.2bn), India (-US$2.5bn), and ASEAN (-US$1.3bn). Foreign investors have sold over US$200bn of EM Asia ex-China equities YTD, including US$140bn since early May, led by Korea. Q3 market recap: MXAPJ is down 5% from its 22 June peak but remains up 22% YTD;