Equities: Still On The Ropes

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Despite a substantial market correction in recent weeks, we continue to hold a broadly bearish stance towards Asian equity markets, with many key indices across the region making decisive breaks below their 200-day moving averages. While we could see markets take a breather - or even bounce short term - a combination of poor technicals, sovereign risk contagion and a stuttering macroeconomic picture suggests to us much further downside ahead.