[image: Tweet +01-JPM less convinced on ASEAN (06peb2012).gif] JP Morgan baru saja merilis update ASEAN Strategy pada awal perdagangan pekan ini. Posisi JP Morgan terhadap ASEAN pada prinsipnya:
After a year of significant outperformance relative to APXJ and EM, the Emerging ASEAN markets *began the year with a bout of underperformance in January*. A key dynamic here, in our view, is the decline in inflation in EM and change in monetary policy to support growth, with *ASEAN economies benefiting* *less*. Further, a fall in global risk premiums fueled by liquidity is *likely to benefit cheap, larger markets* initially following ASEAN’s historical outperformance, and *the premium on domestic-led growth is likely to fall as external fundamentals improve*. Given these changes, *we are less convinced about ASEAN outperformance in the near term*. -- '+' Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir kuartal maks 500 *request */ diskresi kami.
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