HSBC's outlook for 2006: Another good year!

Japan, China, Korea and Taiwan look good, beware of Thailand, the Philippines and even Hong Kong.

HSBC's view for 2006 is that all is lined up for another good year...and China could be the surprise re-rating.

The bank's overview is positive It argues that the key drivers of Asian equity markets point at a continuation of the bull market that began in spring 2003. HSBC also takes the view that interest rates are unlikely to rise much further. And it buys into analysts' forecasts that earnings will grow 11% this year and another 10% in 2007. It expects 5.3% real GDP growth for Asia ex Japan in 2006, roughly the same as last year.

The bank also argues that despite all...

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