Asia
The Asian currency index (ADXY index) rose nearly 3% from its late-July lows. While CNY/USD accounted for a large share of these gains, an equal-weighted basket of non-CNY Asian currencies surged by an even larger margin (5%) indicating that Asian currencies’…
Chinese industrial profits rose by 4.1% y/y (3.6% YTD y/y) in July, from 3.6% (3.5%) in June. Upstream mining industries’ profits contracted 9.5% from January to July 2024, whereas downstream manufacturing sectors’ profits rose 5.0%. The NBS reported that…
EM equities have dramatically underperformed their US and Eurozone peers in USD terms over the past 15 years. The inability of EM and EM Asia companies to grow their EPS largely explains EM equities “lost decade” (and a half). Since 2010, US EPS have grown…
Singapore is a small open economy sensitive to global trade dynamics. Its non-oil exports (NODX) are thus a good bellwether for global growth conditions. They rebounded sharply in July from a previous contraction, largely exceeding expectations. Notably,…
According to BCA Research’s GeoMacro Strategy service, while the idea that Donald Trump would allow China to build factories in the US does not mesh with the contemporary media narrative, it would fit the historical track record. The last time that the US had…
China’s economic malaise extended through the month of July. The contraction in property investment worsened (-10.2% YTD y/y) and disappointed expectations of a slower pace of decline. Residential property sales remained dismal (-25.9% YTD y/y). Industrial…
"There's no supply chain in the world that's more critical to us than China." — Tim Cook, CEO of Apple, March 2024 According to BCA Research’s China Investment Strategy and Emerging Market Strategy services, while high-profile multinational companies…
多国籍企業はサプライチェーンを中国以外へ拡大しようとしているが、移転プロセスは予想より遅れている。しかし今後数年で、地政学的緊張、中国のビジネス環境の変化、そして中国の生産者からの競争激化が、多国籍企業の中国からの撤退を加速させる可能性がある。
According to BCA Research’s Geopolitical Strategy service, US policy will have an impact on China’s willingness to adopt a preemptively hawkish foreign policy. But the US is in the middle of a chaotic election that marks the climax of a historic populist…
Indonesian stocks have sold off sharply and underperformed their EM and emerging Asian peers – both in local currency and in common currency terms – despite the nation’s 5.1% real GDP growth rate (the highest rate among G-20 countries, second only to India).…