Looking for trade war winner? There aren't any, not even in Southeast Asia

Southeast Asia is now sitting in the crossfire between China and the US

With some corners of the market betting the Federal Reserve will cut rates three times this year, you might expect cheers from emerging markets. Not so in Indonesia.

Earlier this week, the central bank was busy defending its currency, placing bids to prop up its government bonds to halt the rupiah’s slide. As the trade war escalates, Jakarta became the first Asian market to erase this year’s equity rally.

The damage isn’t limited to Indonesia. Across the region, stocks in the MSCI Emerging Markets Asean Index on average have fallen 4 per cent so far this month.

In theory, Southeast Asia should