SHARE THIS One major “plotline” central to the recent series of tariff moves is the tense trade relationship between the US and China. In this issue, we will explore how Chinese bonds have historically offered defensive characteristics and their...
SHARE THIS Volatility dominated risk markets in the early part of the July-September quarter, while perceptions of the US employment environment also had an impact. Over the quarter, we kept an overweight position on growth assets and maintained a...
SHARE THIS Improving economic dynamics defy conventional logic of what one would expect from one of the most aggressive tightening cycles in history. However, if one considers the magnitude of the 2020 expansion in money supply, there is still...
SHARE THIS The US economy continues to look robust, so we have stayed constructive on growth assets and short maturity global credit where yields are attractive. We still believe that the path to 2% inflation in the US is relatively unclear. If...
SHARE THIS Indian and Indonesian bonds are expected to fare relatively better than their regional peers, supported by their attractive carry, positive macro backdrop and policy credibility. As for currencies, expectations that US interest rates may...
SHARE THIS Structural reforms, investments in energy transition, rising consumption and vast improvement in India’s infrastructure, productivity and manufacturing sector are expected to bolster the country’s next phase of economic growth and...
SHARE THIS Currently, we believe that valuations look stretched (mainly in the US) and volatility too low to justify that a new bull market is at hand, given the plethora of risks. We remain constructive on China's recovering demand and new sources of...
SHARE THIS Investors have been dealing with elevated volatility in asset prices since the pandemic began. A contributing factor that continues to muddy the waters has been the volatility in economic data due to COVID-led distortions. In more recent...
SHARE THIS The world is fast entering the adjustment phase as deglobalisation is accelerating, requiring new solutions and investment to clear new imbalances from energy supply to labour and eventually normalise inflation.
SHARE THIS Amid a flurry of headlines, investors may have largely overlooked the significant number of recent positive developments in China, such as initiatives directed towards ambitious renewables targets, the continued opening up of the financial...
SHARE THIS With oil markets closing in on US dollar (USD) 100 per barrel and US bond yields reaching 16-year highs, one could be excused for being struck by a bout of conservatism. With valuation dispersions again back to all-time highs, we contend...
SHARE THIS We retain our preference for Indonesian government bonds and for currencies, we believe that greater support for the renminbi from Chinese policymakers should remove a near-term headwind for currencies in the region. We take a more cautious...
SHARE THIS With the Chinese economy on the brink of deflation, the timing of the Chinese government’s recent pro-growth directives was a very welcome signal. If carried out, they can lead to structural changes that can potentially lead to an...
SHARE THIS We maintain the view that global inflationary pressures may moderate further. We prefer Singapore, South Korea and Indonesia bonds. As for currencies, we favour the renminbi, the Singapore dollar and the Thai baht.
SHARE THIS We are taking a more constructive view in duration overall, as we believe that the markets have largely priced in hawkish Fed expectations. Among the low-yielding countries, we prefer Singapore and Hong Kong, while we like Malaysia and India...
SHARE THIS We assess the factors that enabled the Nikkei to rise above the 30,000 threshold for the first time since 1990; we also view the recent Robinhood frenzy from a Japanese market perspective.
SHARE THIS Asian small caps, ranging from “indie” cosmetics brands to bicycle manufacturers, present a chance to get involved with the future economic powerhouses of the world. The strategic positioning, high growth potential, adaptability, and...
SHARE THIS The seemingly impossible soft landing on the back of one of the most aggressive monetary tightening cycles in history is looking not just possible, but increasingly probable. US data is coming in stronger and global demand is generally...
SHARE THIS Japan’s corporate governance reform started nearly a decade ago is an ongoing process, but it received a boost from the Tokyo Stock Exchange’s latest initiative in January. The latest chapter in corporate governance reform coupled with...
SHARE THIS As the developed world continues to struggle with inflation and a lack of growth, Asia stands out as the bright spot, with inflation well in check and monetary cycles peaking ahead of the West. Growth in Asia is also expected to outperform...
日本
New Zealand
Singapore
Hong Kong (English)
Americas
Germany
EMEA
All other
countries