With the spectre of rising interest rates and market volatility, we look at past episodes of taper tantrums and the vulnerability of ASEAN’s capital markets. As the earnings season comes to a close, we investigate what surprised our Singapore banks and Philippines conglomerates analysts. Finally, we also look at Malaysia’s decision to bring forward its 5G plans for commercial use by 2021. Who are the winners and losers because of their exposure to this development?