On January 17, Frances Donald, Chief Economist and Strategist at Manulife Investment Management Global, predicted that the Federal Reserve would not begin cutting interest rates until the second half of the year, later than the market's previous expectation of March. It is reported that the United States will hold a major election in November this year. Donald pointed out that the market impact of US elections is usually short-lived, but investors should pay attention to the impact of the election results on US-China trade tensions. The market is also concerned about whether the Red Sea crisis will disrupt the global supply chain. The bank believes that any impact is manageable and less severe than during the epidemic. Manulife Investment Management Senior Portfolio Manager Chen Jinglin believes that Asian stock market valuations are attractive, with a forecast price-earnings ratio of around 12 times this year, below the average of the past ten years, with the stock markets of Hong Kong and mainland China at only about 8 times and 10 times, respectively. From a risk-return perspective, the bank is positive about Chinese and ASEAN stocks. Chen Jinglin pointed out that the Chinese government is focusing on driving consumption and trying to expand China's companies' market share overseas. In the ASEAN region, even if US-China relations further improve, multinational companies will continue to adopt the "China +1" strategy. Indonesia, Malaysia, and Thailand are attracting foreign direct investment through this strategy, making them favorable countries. In addition, Murray Collis, Chief Investment Officer of Manulife Investment Management's Asia (excluding Japan) Fixed Income Product Division, is optimistic about high-yield bonds in certain sectors of Asia, particularly highlighting the Macau gaming industry and the infrastructure industry in India.