Executive Summary No Funding For Property Developers, No Land Sales Beijing’s plan to bring forward RMB 2.6 trillion of financing for infrastructure expenditures in H2 2022 is a considerable stimulus. However, this…
A decision is expected shortly on whether President Joe Biden will roll back some of the Trump-era tariffs on imports from China. Voices within President Biden’s administration are divided. US Treasury Secretary Janet…
Chinese credit data suggest that credit demand rebounded in June. Aggregate financing surged to CNY 5.2tr from CNY 2.8tr in May, significantly above expectations of CNY 4.2tr. Similarly, new loans rose to CNY 2.8tr from CNY 1.9tr…
Emerging market equities have been outperforming their global peers over the past few months – marking a reversal in trend from their relative underperformance since February 2021. However, we doubt that this shift in…
Reports out of China suggesting that the Ministry of Finance is considering allowing local governments to bring forward 1.5 trillion yuan ($220 billion) of next year’s special bond issuance to the second half of this year…
Executive Summary Global risk assets are oversold, and investor sentiment is downbeat. In this context, a technical equity rebound cannot be ruled out. However, we do not think it will be the beginning of a major cyclical rally. The…
Executive Summary Caught In Risk-Off Selling Weak Chinese and European economies are suppressing copper demand and helping to temper prices in a market that remains fundamentally tight. Weaker US GDP growth could put the…
Executive Summary Buying a home is now more expensive than renting in many parts of the world. In the US and UK, disappearing homebuyers combined with a flood of home-sellers will weigh on home prices over the next 6-12 months.…
According to BCA Research’s China Investment Strategy service, China’s auto sales are set to have a gradual recovery in 2022H2. The team expects auto sales to reach 26.2-26.8 million units by the end of this year,…