After a relatively poor 2022, while some Asian stock markets performed well in 2023, such as India and Japan, others including China, Hong Kong, Singapore and Australia languished as geopolitical tensions, rising interest rates and poor performing domestic economies knocked investor confidence.
There was also a downturn in mergers and acquisitions MA in Asia Pacific Apac, with 155 deals completed in 2023 with volumes down 23% compared to 200 deals in 2022, according to WTW.
Broadly, investors were spooked by a combination of higher for longer interest rates from the US Federal Reserve, a lacklustre economic performance in China post-pandemic with the property sector...
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