Taiwanese export orders rose 13.6% annually in August, or the fastest pace in two and a half years. Orders for electronics products and information & communication products were both particularly strongly, rising 28.2% and 26…
Highlights Monetary Policy: The Fed will keep rates at the zero bound at least until inflation is above 2% and it will maintain an accommodative policy stance until long-dated TIPS breakeven inflation rates move above 2.3%. Remain…
BCA Research's Emerging Markets Strategy service reiterates that within EM benchmarks, investors should structurally underweight Brazilian equities, local currency bonds and sovereign credit. Barring dramatic policy…
BCA Research's China Investment Strategy service analyzes the impact of the evolution of Chinese households savings The post-COVID 19 recovery in China’s household consumption has lagged behind other economic…
Highlights Lower-income Chinese households are overly indebted, while higher-income groups hold too much cash. Apart from real estate and cash, ordinary Chinese people have few choices in allocating their assets. Household…
In August, China’s industrial production strengthened further, rising to 5.6% year-on-year and beating consensus expectations of 5.1%. Fixed-asset investment also picked up, moving up from -1.6% to -0.3% year-on-year. While…
The US dollar’s weakness has been one of the most important consequences of the economic recovery taking shape around the world and it reflects the USD’s pronounced counter-cyclicality. In this context, the lack of…
In August, China’s credit trends continued to point to a positive outcome for the global industrial cycle. While new loans only met expectations of CNY 1.28 trillion, total social financing (TSF) blew past expectations of…
Highlights China’s surge in refined copper imports allows it to cover a structural short position it has in this critical commodity – mostly in its unrefined state – and ensures the stimulus being deployed to revive…
BCA Research's China Investment Strategy service concludes that the fundamentals are supportive of a positive cyclical view on Chinese stocks. Despite some pullbacks in the prices of Chinese stocks of late, we do not think…