According to BCA Research’s Emerging Markets Strategy service, Malaysian equity underperformance has yet to run its course. Investors should use any rally from oversold positions to downgrade this bourse to underweight.…
Indian equities have outperformed emerging markets since Q2, rising more than 40% between April and September. However, their relative performance has since slumped. While Indian stocks can rise in absolute terms next year,…
Chinese money and credit data surprised to the upside in November. Aggregate financing reaccelerated to CNY2.13 trillion from CNY1.42 trillion, slightly above expectations of CNY2.08 trillion. New loan issuance picked up to CNY1.…
BCA Research’s China Investment Strategy service concludes that Chinese credit growth will slow next year. While policymakers will be data-dependent and the slowdown will be managed, our baseline scenario suggests that the…
Dear Client, Next week I will be presenting our 2021 outlook on China at our last webcasts of the year "China 2021 Key Views: Shifting Gears In The New Decade". The webcasts will take place next Wednesday, December 16 at…
China’s trade balance swelled to a record $75.4 billion in November, significantly surpassing expectations of $53.8 billion. This was mainly explained by the surge in exports which registered a monthly all-time high, rising…
Our semi-annual virtual meeting with the long-standing client Ms. Mea took place on December 1. Given it is the end of the year, Ms. Mea inquired about our strategies for 2021 and reviewed the evolution of our views during 2020. Below is…
Although the onshore corporate bond market is under stress, BCA Research’s China Investment Strategy service concludes that it will not be the force that buckles Chinese equities. Recent bond payment defaults by several…
The strength in China’s post-pandemic policy support likely peaked in October. Interbank rates have normalized to their pre-pandemic levels and bond yields have risen sharply since May. The renewed emphasis on financial de-risking is…
Mr. X and his daughter, Ms. X, are long-time BCA clients who visit our office toward the end of each year to discuss the economic and financial market outlook for the year ahead. This report is an edited transcript of our recent…