Does US monetary policy uncertainty affect returns of Asian Developed, emerging, and frontier equity markets? Empirical evidence by using the quantile-on-quantile approach.

This paper examines the impact of the Monetary Policy Uncertainty (MPU) of the United States on Asian developed, emerging, and frontier stock markets using a Quantile-on-Quantile (QQR) approach by using monthly data from January 2006 to December 2022 of 14 Asian countries. The study finds that US monetary policy significantly negatively influences Asian stock markets. This is primarily due to the widespread use of the US dollar as a universal currency, resulting in substantial ripple effects on other nations through trade relationships. In Asian developed markets, MPU is negatively related to Australia and New Zealand. At the same time, it has a positive relationship with Hong Kong and Japan at the upper quantiles. Among Asian emerging markets, MPU negatively impacts Taiwan's, India's, and China's returns, increasing this negative relationship at higher MPU quantiles. Additionally, MPU has a significant negative relationship with Thailand, Indonesia, Korea, and Malaysia returns. In contrast, higher quantiles of MPU have no discernible impact on the Philippines stock returns. In Asian frontier markets, MPU negatively impacts Pakistan's and Sri Lanka's returns. The implications of these findings are twofold: for investors, this study provides valuable insights for hedging activities, allowing for more informed decisions based on the MPU of other countries to identify profitable stocks. For policymakers, this research aids in formulating effective monetary policy strategies. Furthermore, future studies can build upon these results by exploring other markets and comparing their outcomes with the findings presented in this study.

Metabolic networks of the human gut microbiota.

The human gut microbiota controls factors that relate to human metabolism with a reach far greater than originally expected. Microbial communities and human (or animal) hosts entertain reciprocal exchanges between various inputs that are largely controlled by the host via its genetic make-up, nutrition and lifestyle. The composition of these microbial communities is fundamental to supply metabolic capabilities beyond those encoded in the host genome, and contributes to hormone and cellular signalling that support the dynamic adaptation to changes in food availability, environment and organismal development. Poor functional exchange between the microbial communities and their human host is associated with dysbiosis, metabolic dysfunction and disease. This review examines the biology of the dynamic relationship between the reciprocal metabolic state of the microbiota-host entity in balance with its environment (i.e. in healthy states), the enzymatic and metabolic changes associated with its imbalance in three well-studied diseases states such as obesity, diabetes and atherosclerosis, and the effects of bariatric surgery and exercise.