SHARE THIS We see Asian local government bonds being supported by accommodative central banks amid an environment of benign inflation and moderating growth. Within the region, we expect investor appetite for higher carry bonds such as those of...
SHARE THIS The Indian healthcare sector is projected to become one of the top global markets by 2030, driven by demographic changes, rising incomes, and expanding insurance coverage, presenting long-term investment opportunities.
SHARE THIS Vietnam is demonstrating a commitment to improving governance, expanding infrastructure and cultivating a more competitive business environment. These efforts position Vietnam to harness its demographic advantages and capitalise on emerging...
SHARE THIS The future of US policy is surrounded by great uncertainty, particularly regarding tariff measures that the US may impose upon its trading partners. We explore options that are available to Japan to safeguard against tariffs the US may...
SHARE THIS The Global Investment Committee (GIC) held an extraordinary session to review the macroeconomic and market impact of tariffs announced by the US on 2 April, as well as subsequent actions and market reactions. The GIC’s verdict is that while...
SHARE THIS The US recently announced a new reciprocal tariff policy. The announcement led to increased stock market volatility globally, reflecting concerns about a potential trade war. There could still be opportunities for those who can navigate...
SHARE THIS The GIC assesses that the probability of slower yet positive growth in the US has increased. The GIC anticipates a narrower growth gap between the US and other developed markets, with selective diversification into European and Chinese...
SHARE THIS With the US “exceptionalism” narrative fading, we see value in global diversification. We observe potential turning points in Europe and China equities that may serve as opportunities to diversify global portfolios. Volatile market...
SHARE THIS Markets, while volatile, have continued to recover, and we are now seeing an easing of trade tensions. However, in these uncertain times, one thing remains clear—uncertainty itself. The situation remains fluid, and against such a background...
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 US exceptionalism has faded from view recently, supporting an exodus from US assets. However, our stance remains that the US is core to our investment thesis, allowing us to remain part of the secular growth trend in technology innovation...
SHARE THIS Japanese equities have not been immune to tariff worries. However, it is worth remembering that Japan is playing the long game: the country is undergoing structural reflation driven by factors unlikely to be reversed by market volatility or...
SHARE THIS We can expect more aggressive policy support from Chinese authorities over the next several months for consumption and business activities, prompted by the still uncertain global trade situation. Despite the ongoing volatility and...
SHARE THIS The Fed and the BOJ both made interest rate decisions that were in line with market predictions, with the former cutting interest rates and the latter standing pat on policy. However, uncertainty around future policies and potential impacts...
SHARE THIS China’s focus on boosting domestic consumption as their top policy priority in 2025 sets a positive trajectory. The ability of individual countries to provide domestic stimulus is going to be crucial in limiting the impact of global growth...
SHARE THIS Moody's downgrade of the US offers a chance to assess the relationship between the US administration and the bond market and examine the implications of persistent budget deficits, market reactions, trade tensions and policy decisions.
SHARE THIS According to Wall Street lore, investors should “sell in May and go away”, but June's rally once again reduces the credence of this strategy. Still, the outlook remains uncertain despite improvements in terms of trade policy tensions and...
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 In 2025, US economic growth is expected to continue due to fiscal stimulus, despite above-target inflation. Meanwhile, the strong dollar could face disruptions, the Bank of Japan may keep raising interest rates and China is seen balancing...
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...
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