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Asian stocks in 2022 suffer biggest foreign outflows since 2008 global crisis

Thursday, January 5, 2023
Asian stocks in 2022 suffer biggest foreign outflows since 2008  global crisis © Reuters. FILE PHOTO: A man walks past in front of an electric monitor displaying the Japanese Nikkei share average in Tokyo, Japan October 14, 2022 REUTERS/Issei Kato

By Gaurav Dogra

(Reuters) - Foreign investors withdrew more money from emerging Asian equities in 2022 than they had done in any year since the global financial crisis in 2008, as rising U.S. interest rates pulled funds towards dollar assets.

Data from stock exchanges in Taiwan, India, the Philippines, Vietnam, Thailand, Indonesia and South Korea showed foreigners sold equities worth $57 billion last year, the biggest outflow since 2008.

Graphic: Monthly foreign investment flows Asian equities - https://fingfx.thomsonreuters.com/gfx/mkt/znvnbbrxkvl/Monthly%20foreign%20investment%20flows%20Asian%20equities.jpg

After four straight 75-basis point hikes earlier in 2022, the U.S. Federal Reserve raised its overnight borrowing rate by another 50 basis points in December.

Due to the hikes, the yield on safer 10-year U.S. Treasuries climbed about 230 basis points to 3.83% last year, which hit the foreign demand for riskier regional equities.

Taiwanese equities faced outflows worth $41.6 billion last year, leading the regional sales, while India and South Korea witnessed an outgo of $15.4 billion and $9.6 billion, respectively.

Graphic: Yearly foreign investment flows: Asian equities - https://fingfx.thomsonreuters.com/gfx/mkt/xmvjkkmnzpr/Yearly%20foreign%20investment%20flows-%20Asian%20equities.jpg

Hit by falling foreign demand and a worsening economic outlook, the MSCI's Asia Pacific index plunged 19.4% last year - the biggest fall since dropping 43.3% in 2008.

Some analysts expect more outflows, at least in the first half of the year, as U.S. interest rates are expected to rise further this year.

"The first half of the new trading year could continue to bring a cautious tone in the region, as market participants brace for further economic impact from tighter global central banks’ policies, along with risks of China’s reopening triggering cross-border virus spreads," said Yeap Jun Rong, a market strategist at IG.

In December, emerging Asian equities, excluding Japan and China, witnessed net sales worth $3 billion, with Taiwanese, Indonesian and South Korean equities facing outflow of $2.55 billion, $1.34 billion and $1.31 billion, respectively.

On the flip side, India, Vietnam and Thailand received net inflows of $1.36 billion, $559 million and $372 million, respectively, in December.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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