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  "documentTitle": "guide to the markets asia",
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      "text": "Source: Bloomberg Finance L.P., FactSet, IHS Markit, J.P. Morgan Economic Research, MSCI, Standard & Poor's, J.P. Morgan Asset Management. Based on S&P 500 (U.S. equities), MSCI AC Asia Pacific ex-Japan (APAC ex-JP), Bloomberg Barclays Global Treasury (Government bonds), Bloomberg Barclays U.S. Aggregate Credit - Corporate Investment Grade Index (Investment grade bonds), Bloomberg Barclays Global Corporate High Yield Index (High yield bonds), J.P. Morgan Asia Credit Index (Asian bonds), Gold USD/ozt (Gold). All data represent average annualized total returns in U.S. dollar terms and are calculated from 31/01/98 except for high yield bonds (31/12/00) and Asia bonds (31/10/05) due to data availability. PMI is the S&P global manufacturing PMI relative to 50, which indicates deceleration (below 50) or acceleration (above 50) of the sector. Past performance is not a reliable indicator of current and future results. Guide to the Markets - Asia. Data reflect most recently available as of 31/03/26.",
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