Chart II-1Indonesian Stocks Are Underperforming EM Again Indonesian stocks and the rupiah have rebounded in line with global risk assets. However, the rebound might be waning. The rupiah has begun weakening anew against the US…
China: The Recovery And Equity Dichotomy China’s economic recovery has been gathering steam, and policymakers have become reasonably confident about the growth outlook. In fact, transaction activity in the property market has…
Feature In this report, we determine which South and Southeast Asian countries are better equipped to endure the COVID-19 pandemic. Answers to this question combined with our macro fundamental analysis lead us to recommend which…
Chart II-1Indonesian Equities Are In Freefall In Absolute & Relative Terms Indonesian stock prices are in freefall - both in absolute terms and relative to EM - with no visible support (Chart II-1). We recommend that…
Highlights Please note that we published a Special Report early this week titled Brazilian Banks: Falling Angels, and an analysis on India. Please also note that we are publishing an analysis on Indonesia below. Given uncertainty…
Indonesian stocks have lagged the overall emerging market complex, and the potential of a playable rally in the near term remains quite dim. The economy is facing strong deflationary pressures, with both headline and core…
Indonesian commercial banks have been the only leg holding up the Indonesian stock market (Chart II-1). However, their cyclical outlook is uninspiring as their share prices risk selling off. The critical issue is that lending rates in…
Highlights An analysis on Indonesia is available below. We intend to maintain our long EM stocks position, initiated on December 19, as long as the MSCI EM equity index does not break below our stop point of 6% below current levels.…
Indonesian stocks and the rupiah have been benefiting from falling U.S. interest rate expectations. This has been occurring even though domestic fundamentals, namely economic growth and the outlook for corporate profits, have been…
Highlights Analyses on Indonesia and South Africa are available below. The slowdown in Chinese domestic demand has been the main culprit behind the global trade contraction - not the U.S.-China trade confrontation. China’s…