Economics and Macro Strategy
Global credit spreads have tightened to cyclical lows, but we see pockets of opportunities despite rising yields and China risks.
Malaysia’s electrical and electronics sector is a key economic driver. We explore its potential and challenges to move up the value chain, as the country pursues high income status.
Buyer sentiments in China’s property market might take some time to recover, but upcoming policy relaxation should help valuation recovery. Find out where entry opportunities lie.
We believe China’s property management sector’s defensive profile has yet to be recognised. Find out why we see only 9% downside from floor valuation.
While earlier generations of Singaporeans could accumulate wealth through property, now, a more balanced strategy looking beyond property is needed to achieve our financial goals.
With industrial-related companies likely to be most affected by China’s power shortage, attractive valuations in less affected sectors are worth revisiting as regulatory overhangs fade.
Top picks under power shortage theme
A growing power supply crunch in China threatens the economy. On top of the government’s ambitious emissions targets, where do opportunities lie amid the changing power outlook?
GDP growth slowed markedly to 4.9% YoY in 3Q21 from 7.9% in 2Q21. On a QoQ basis, it decelerated to 0.2% from 1.3%.
Exceptionally easy monetary policy has fuelled asset price boom in the Asia, with equity markets trading at record valuations and property markets strengthening in a number of economies.
We have raised full year GDP growth to 6.7%, up from 6.3% previously, given a slightly stronger than expected 3Q21 growth performance and upward revision in 2Q figure.
Some currencies face limited upside after recent appreciation against the USD
Though RBI has suspended its bond purchase programme, government securities supply that needs to be absorbed by non-RBI market participants is not expected to increase materially.
Commodity currencies are most vulnerable to any profit-taking
It is allowing foreign investors to expand their financial asset holdings in the country
Oil’s decline from a session high eases some fears of inflation and policy tightening
Traders assess an ongoing natural gas crisis
CNY inconsistent with slower growth; GBP eyeing BOE hikes
2Y and 5Y USD rates to see clearer upward pressures.
At 6-7% yield, China large banks are good long-term dividend yield plays
Our analysts took a deep dive exploring the F&B business environment in Singapore, and examined how businesses can thrive in this lucrative, yet ever changing landscape.