July 21, 2025 03:03 PM GMT July 22, 2025 MORGAN STANLEY RESEARCH Asia Pacific MORGAN STANLEY ASIA LIMITED+ Gek Teng Khoo Asia Macro Strategist Strategist Gek.Teng.Khoo@morganstanleymufg.com +852-3963-0303 Asia Macro Strategy Themes for 2H25 All information as of July 18, 2025, unless otherwise indicated. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the obj ...