Publications

- December 1, 2018: Vol. 10, Number 11

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Stock performance tanks in October

by Christopher Hartung

Across the board, October stock performance — for broader equities and property stocks, both globally and in the Asia Pacific region — was dismal, as the story lines of US Federal Reserve tightening, trade war tensions and an ex-US global economic slowdown accelerated. During the month, Asia Pacific property stocks fell 6.0 percent, slightly worse than the –5.3 percent return for global property stocks but better than global equities, at –6.8 percent. As such, the Asia Pacific region is now down 12.0 percent for the year through October, and also lags global property stock returns of –8.2 percent. Of note for both regional and global returns, property stock weakness remains concentrated among the developers rather than REITs, as REITs have benefited from a more risk-off profile. Given this, Asia Pacific REITs are essentially flat year to date, up 0.3 percent, which is marginally better than global REITs, at –0.8 percent (with returns based on S&P Global Intelligence

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