Fiscal
The RMB Is Vulnerable To A Pullback…
Still Room For Japanese Stocks To Outperform…
Conflicting Signals From China’s Manufacturing PMIs…
Fade Volatility Stemming From US Politics…
Highlights The Evergrande crisis is not China’s Lehman moment. Nonetheless, Chinese construction activity will decelerate further in response to this shock. Global equities are frothy enough that a weaker-than-expected Chinese construction sector will remain a near-term risk to stocks prices…
Diverging Views On The Outlook For Chinese Policy…
Highlights We cannot predict how China will manage Evergrande precisely but we have a high conviction that it will do whatever it takes to prevent contagion across the property sector. However, China’s stimulus tools are losing their effectiveness over time. The country is due for a prolonged…
Highlights The House Ways and Means Committee’s tax proposals are a slight positive surprise for investors. They envision raising $1.5 trillion in new revenue, down from expectations of $2.6 trillion. The House’s tax plans would see the corporate rate at 26.5%, creating a likely range of 25%-…
Highlights Germany’s election on September 26 is more of an opportunity than a risk for global investors. Coalition formation will prolong uncertainty but the key takeaway is that early or aggressive fiscal tightening is off the table for Germany … and hence the EU. Germany’s left wing is…
Feature Chart 1Chinese Offshore Stocks Tumbled Amid Regulatory Crackdowns
Chinese Offshore Stocks Tumbled Amid Regulatory Crackdowns…