Asia-Pacific Weekly Kickstart: MXAPJ fell another 1%, as higher oil prices and US rates continued to drive outflows and pressure Cyclicals; Asia is increasingly concentrated, yet differentiated

MXAPJ fell another 1%, as higher oil prices and US rates continued to drive outflows and pressure Cyclicals; Asia is increasingly concentrated, yet differentiated. MXAPJ fell 0.7%, with Taiwan (+2%) and Hong Kong and Philippines (each +1%) outperforming Korea (-6%), Singapore (-5%) and Malaysia (-2%). Telcos, Consumer Retail and Staples led, while Capital Goods, Autos and Tech Hardware & Semis lagged. EM Asia ex-China recorded US$7.5bn of outflows this week, led by Korea (-US$4.9bn) and India (-US$1.3bn). US Treasury yields reached multi-decade highs before retreating;