Spanish 10-year bonds have spiked to all-time high ' this does not bode well for a smooth market uptrend. We explore where ASEAN stocks stand on P/BV relative to their October 2011 lows and highlight where value emerges''

Past the initial 'Greece-in' euphoria, investors remain saddled with a eurozone muddle-through situation. The still-high Spanish bond yields point to more choppy markets ahead even as we expect more concerted eurozone liquidity support to come through. In terms of market strategy, we think value-hunting still rules.''

Spain bond yields breach 7%''

The last time Spain's 10-year bond yield climbed sharply towards 7% back in October 2011, the MSCI Asia-Pacific ex-Japan (MXAPJ) fell 12% within a month. This time, despite the series of LTROs conducted early in the year and, critically, the recent '100bn lifeline extended to Spanish banks, Spanish bond yields continued to climb. This does not bode well for Spain's debt sustainability and points to rising borrowing costs it can ill afford. The 'Greece-in' scenario is not a panacea for eurozone troubles and we anticipate more concerted monetary action. Even then, markets are likely to remain choppy.''