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Tougher ride ahead for S-E Asia's banks

Investors could do well to continue to favour more defensive banks in these testing times.

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Today the banks have strong capital levels. They will be able to maintain dividend payouts, even if they face some earnings headwinds, and this should provide share price support.

MORGAN Stanley's Asian economics team, led by my colleague Deyi Tan, remains concerned about the impact of trade tensions on GDP growth in the region. In particular the team worries that continued uncertainty will affect investment activity and that downside risks to forecasts are increasing. In...

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