Economics and Macro Strategy
After two decades of investment exodus and industrial hollowing out, “Made-in-Taiwan” (MIT) is coming back to the fore, driven by a combination of external push and domestic pull factors.
Concerns over prolonged economic weakness / deflation will likely mount in the months ahead, justifying the call for more stimulus.
Our analysts took a deep dive exploring implications on the banking and insurance sectors as SuperApps continue to gain prominence and establish themselves as a hallmark to modern convenience.
More opportunities could be made available for China’s infrastructure sector as the Chinese government continues to roll out measures to stability the country’s economic growth.
Raw material price declines help lift sales growth for appliance makers in China for 2H19. Our top BUY is Midea.
Volatile market conditions prompt for cautious guidance from company management as civil unrest continues to plague Hong Kong society.
Civil unrest in Hong Kong continue to weight on its economy with expectations for GDP growth to fall to 0% for the year.
Our analysts identified buying opportunities in Hong Kong that leverages on Vietnam’s rising star as a regional economic powerhouse.
Drone attacks on Saudi Arabia’s oil facilities, amongst the world’s largest, disrupted the country’s crude production and refining capacity considerably.
From “whatever it takes” to “as long as necessary,” outgoing European Central Bank chief Mario Draghi followed up with his promise of delivering monetary stimulus.
Favourable newsflow related to trade war, Brexit, China stimulus, ECB, and Iran have helped risk sentiments this week, making for a constructive September so far.
Oil spikes as Saudi Arabia's production gets disrupted. Fed cut bets are being pared.
DM yields can push higher amid a better global narrative. There is scope to dial back excessive pessimism in the fx space.
The global narrative is turning better as trade war risks recede. China moves to ease RRR and trade tensions.
Turkey rate cut is not as big as some feared
The country’s corporations now rank among the world’s most prolific patent applicants
It also revives bond purchases and will buy debt at a pace of EUR20b a month starting November
We reaffirm our constructive stance on China’s large state banks for their c.6% dividend yield and compelling valuations.
The Fed is expected to maintain an accommodative policy stance in such an environment, and this will benefit “income equities” such as Asia REITs.
We continue to prefer US over EU/UK equities on superior economic fundamentals and the breadth of companies that ride secular growth trends.
Our analysts took a deep dive exploring possible implications from a revival of the Kuala Lumpur-Singapore High Speed Rail project. What could that mean for the economies of the two countries?
Our analysts took a deep dive into the ride sharing business model, and identified scale and dominance as key profitability drivers. But what does that mean for smaller operators?
Our analysts took a deep drive to examine opportunities and challenges to come as the Greater Bay Area (GBA) embarks on its journey to become China’s newest innovation and technology hub.