Asia’s equity outlook will likely depend on U.S. tariffs, China’s stimulus and Japan’s structural changes. Stable fundamentals support cautious optimism for investment-grade bonds.

The market pullback will take time to play out. Planning for an eventual shift to defense beats a “hope for the best” approach.

Global central banks this month have offered something for everyone from further interest rates hikes in Japan to rate cuts in Canada and Europe, while the Federal Reserve remained motionless.