China’s equity market is the worst performing major global bourse so far this year. The CSI 300 Index is down 23.6% year-to-date in USD terms. This is even worse than the Euro Stoxx 50’s 19% drawdown amid energy…
Executive Summary Economic Growth in Q2 Will Be Much Softer China’s GDP headline growth in Q1 was better than consensus, but it does not capture the full economic impact of ongoing city lockdowns. Other than…
After dropping 26% in the second half of last year, the front-month iron ore futures contract traded on the Dalian Commodity Exchange has been climbing higher this year. Weather-related disruptions to mine operations in Brazil,…
The RMB slid 2% last week in an aggressive selloff that abruptly pushed the currency to its weakest level since August. Multiple forces are behind this weakness. First, PBoC policy has diverged from its global peers. The…
Listen to a short summary of this report. Executive Summary Small Caps Are Looking Attractive Relative To Their Large Cap Peers Adverse supply shocks have pushed down global growth this year…
Executive Summary China’s Daily New COVID Cases And City Lockdowns, 2020 To Present The ongoing wave of local Omicron infections and city lockdowns pose the largest macro risk in China post Q1 2020. The current lockdowns in…
Chinese data releases were mixed on Monday. GDP growth accelerated from 4.0% y/y to 4.8% y/y in Q1, beating expectations of 4.2% y/y. Fixed assets investment growth slowed to 9.3% y/y in the first three months of the year from…
Chinese policymakers are facing a dilemma. COVID-19 cases are surging and restrictions amid the zero-tolerance policy towards the virus is weighing down on economic activity (see The Numbers). To boost the economy Beijing needs…
The pulse from Singapore’s trade numbers is sending a warning for the global economy. Singapore’s non-oil domestic exports as well as electronic exports eased in year-on-year terms in March. Moreover, non-oil…