Based on the charts compiled by HSBC on the sensitivity of equity prices across Asia to US bond yields where a decline in bond yields will lead to an increase in stocks, the 10-year US bond yield appears to have the most impact on the Philippines, India and Indonesia. The bank also uses fixed income, namely duration, to assess what may happen when bond yields rise. Under this approach, Southeast Asia again comes out as the region that could most positively respond to falling global yields. On a sector-by-sector basis, food and beverages, utilities, consumer services, retailing, food retailing, software and services, pharmaceutical, health-care equipment and household products are the ones that should react most positively to a decline in global bond yields, the research report concludes.