The MSCI AC Asia ex Japan (AxJ) Index fell by 4.8% in USD terms amid persistent concerns about trade tensions between China and the US. Elsewhere, the US Federal Reserve (Fed) hiked rates by 25 basis points (bps) for the second time this year, while the European Central Bank (ECB) announced plans to wind down its bond purchases by year-end. The USD strenghtened against all Asian currencies in June.
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