China’s Official PMI data continues to paint a bleak picture of domestic demand conditions. Although the manufacturing index increased by 0.5 points, at 50.1 it is barely above the boom-bust line, and instead suggests…
Investors should go long US treasuries and stay overweight defensive versus cyclical sectors, large caps versus small caps, and aerospace/defense stocks. Regionally we favor the US, India, Southeast Asia, and Latin America, while…
Please note I will be hosting a live webcast on September 29, 2022 at 9:00 AM HKT for the APAC region. I will discuss the global/China/EM macro outlooks and financial market implications. For clients in the Americas and EMEA, we had a…
Chinese industrial profit growth contracted for the second consecutive month on a year-to-date year-on-year basis in August, falling 2.1% y/y in the first eight months of the year. The deterioration is broad-based across…
South Korea’s exports in the first 20 days of September are signaling that global trade is weakening sharply. Exports fell by 8.7% y/y following a 3.8% y/y increase in the prior month. That said a fewer number of working…
According to BCA Research’s China Investment Strategy service, China’s property market continues to face potent headwinds. China’s property market woes continued in August with a further weakening in housing…
Executive Summary The Chinese Economy Is Facing Deflationary Pressures China’s economy is facing a deflationary threat. Core consumer price inflation is below 1%, and producer (ex-factory) price inflation has…
On the surface, Chinese industrial production, retail sales and fixed asset investments appeared to improve in August. Industrial production rose by 4.2% y/y following 3.8% y/y in July, retail sales growth accelerated to 5.4% y/y…