Asia buys half of the world's traded fuel on a gross basis, and a larger share still in net terms. Surely the region also faces the most macro stress in the face of rising oil prices?

But it's really South Asia we worry about. North Asian economies have large and rising external surpluses and low starting inflation, all of which provide a significant buffer against oil shocks. Our main near-term concerns are the Philippines and the Indian subcontinent, which do not enjoy any of these advantages.