Welcome to Thoughts in the Market.

I'm Andrew Sheetz, Chief Cross-Asset Stragist for Morgan Stanley.

Along with my colleagues, bringing you a variety of perspectives, I'll be talking about

trends across the global investment landscape and how we put those ideas together.

It's Friday, August 27th at 2PM in London.

A number of tricky developments await investors for the month of September.

As you've heard from my colleague, Mike Wilson, Morgan Stanley's Chief Investment Officer

and Chief U.S. Equity Stragist, these mean that we don't see good risk-reward at current

levels in the U.S. equity market.

But investors also have to do something with their money.

And so in today's episode, I'm going to talk about an area that we do like.

I'm going to talk about Singapore.

Singapore might be a small country, but its size and governance have meant that it's

one of the most successful vaccination stories in Asia and indeed around the world.

74% of the population is fully vaccinated against COVID-19.

That compares to 10% in India, 12% in Indonesia, 27% in Korea, and 44% in Japan.

It's well ahead of the United States, where 51% of the population is fully vaccinated.

Singapore is also well placed with regards to risk from policy and regulation.

These risks have been rising in China recently, while the U.S. will see September dominated

by debates around infrastructure policy, tax policy, and coming shifts in Federal Reserve

policy.

These shifts in Singapore in contrast have generally been positive, with the monetary authority

...