SHARE THIS The BOJ increased overnight rates by 25 basis points, raising the Mutan call rate to its highest since 2008. The decision reflects the BOJ's belief that the economy is performing in line with its view, with positive real wage growth and an...
SHARE THIS The Nikkei experienced its worst single-day fall early in August after reaching a record high just the previous month. Despite the recent slide, domestic factors supporting Japanese equities remain relatively unchanged, in our view. We...
SHARE THIS The New Zealand equity market paused for breath and dipped in January after posting significant gains towards the end of 2024. Some of the market’s decline reflected a dent in enthusiasm for consumer-facing and cyclical stocks. Global market...
SHARE THIS We perceive heightened risk to both growth (two-way) and inflation (upside) compared to our previous guidance. Nevertheless, our central near-term scenario remains for slowing but positive growth in the US, alongside slowly moderating prices.
SHARE THIS Although market volatility resurfaced in the early part of the April-June quarter as interest rate cuts in the US began to look less likely amid higher-than-expected inflation, risk assets bounced back and rallied strongly later in the...
SHARE THIS We retained both our overweight to growth assets and our neutral position on defensives. The outlook for growth remains positive as global central banks have started monetary easing, with Europe and Canada leading the way by cutting their...
SHARE THIS In China, we await confirmation of real, positive fundamental change before increasing our confidence towards the country, and we maintain a highly selective approach. Elsewhere, a combination of AI-induced excitement and positive structural...
SHARE THIS Our central scenario is for positive GDP growth in most major economies, with mild upside risks to growth in all regions but Europe. Within this central scenario, we anticipate range-bound inflation with a gradual disinflationary trend in...
SHARE THIS The early economic cycle dynamics and cheap valuations in Asia contrast starkly with the expensive late cycle dynamics in the West, and we expect this to provide good diversification options for global investors.
SHARE THIS The Global Investment Committee sees robust corporate earnings, firm employment and expectations for rate cuts keeping markets more buoyant than anticipated by average consensus estimates.
SHARE THIS Our investment themes for 2024 focus on key features of a world in transition. They include higher-for-longer rates, production shortages in natural resources and the search for new sources of productivity. Transitions are never easy, and...
SHARE THIS We believe ASEAN will offer good pockets of growth and quality opportunities, as well as earnings resilience and protection amid some of the prevailing global macro headwinds.
SHARE THIS We expect macro and corporate credit fundamentals across Asia ex-China to stay resilient with fiscal buffers, although slower economic growth appears to loom over the horizon.
SHARE THIS We explore the opportunities and risks emanating from China’s near-zero inflation and India’s above-average consumer prices.
SHARE THIS The MSCI AC Asia ex Japan Index slumped 6.8% in US dollar terms, giving up its January gains. China’s reopening and peak interest rates euphoria in January were short-lived as hotter-than-expected economic indicator releases in the US raised...
SHARE THIS Considered to be one of the greatest modern-day medical breakthroughs, robotic surgery is revolutionising surgical practices around the world. The breakthrough is particularly prominent in China, which could be the next growth frontier for...
SHARE THIS We present our 2023 outlook for core markets, emerging markets and global credit.
SHARE THIS China’s 20th Party Congress ended on 23 October with President Xi Jinping winning an unprecedented third term as expected. We provide a brief analysis of the Congress and the impact it could have on China’s zero-COVID policy and the capital...
SHARE THIS The East and West appear to be headed in different directions. The East may benefit from China’s easing and supportive growth characteristics. Meanwhile, the West is mired in slowing growth, excessive levels of inflation and central banks...
SHARE THIS We assess Japan PM Kishida’s record stimulus package and its potential implications for the pandemic-hit economy; we also gauge what the new political administration could mean for the Japanese capital markets currently undergoing...
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