Indonesian equities have outperformed their EM peers since mid-2021, returning 30% in local currency terms (20% in USD terms). However, these relative gains are likely unsustainable. Our Emerging Markets strategists point out…
China is on the verge of experiencing a full range of deflation. Poor domestic demand will likely continue into 1H 2023 amid the ailing housing market, subdued private-sector sentiment and the zero-Covid policy, warranting a cautious…
Unlike other hydrocarbon economies in the Middle-East, UAE stocks are also leveraged to global growth conditions and interest rate dynamics, given the prevalence of non-oil plays and interest rate-sensitive sectors. The…
Taiwanese export orders in USD terms contracted by 6.3% y/y in October, down from a 3.1% decline in the previous month and short of expectations of a milder decrease. Exports to China and Hong Kong drove the bulk of the…
Despite Saudi Arabian stocks having outperformed their EM peers over the past couple of years, our Emerging Markets strategists argue that this bourse is due for a breather. Saudi fiscal policy is experiencing a major shift.…
Singapore’s non-oil domestic exports are sending a warning about global demand. They declined by 5.6% y/y in October, marking the first annual contraction since November 2020. In particular, non-oil exports to China, the…
BCA Research’s China Investment Strategy service concludes that although Chinese equity valuations are cheap, the breakdown in share prices below their long-term technical supports merits a vigilant stance. One of the…
The conditions for a sustainable rally in Chinese stocks have not been met. In this report we discuss the four signposts which we will closely monitor to gauge when it will be warranted to upgrade our stance on Chinese equities both…
Key indicators of Chinese domestic economic activity in October generated negative surprises. Retail sales contracted by 0.5% y/y, weaker than expectations of a growth slowdown from 2.5% to 0.7%. Similarly, industrial production…
Shares of Chinese property developers rallied sharply on Monday following news of Beijing’s 16-point plan to help resuscitate its struggling property market. The measures announced include extensive support for both…