Credit Suisse: Research Monthly Asia: Still positive on stocks, but now in a more measured way

Highlights:
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Overview Global
Global economy continues robust, inflation and interest rates low in developed countries.
Stock markets have risen to reflect much of this. So we change the tone of our positive strategic view, now stressing buying on dips.
Neutral on EUR/USD near term, positive longer term, mid-May Greek debt re-financing may be a watershed.
Hedge funds, selected real estate, industrial commodities attractive. Bonds: Avoid long maturities, buy some lower-quality names.


Overview Asia
ina is not in a hurry to raise rates, while India's accelerated rate hikes benefit the INR.
Record fund flows into emerging market bonds buoy primary and secondary markets.
Robust earnings and structural uptrend of ROE support Asian equity performance. We expect Singapore's real estate markets to continue to recover.