Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - The report highlights the potential for sustained lower interest rates in Singapore due to recent property cooling measures, which may impact the housing market and monetary conditions [1] - It discusses the implications of supply-side reform 2.0 in China, driven by prolonged PPI deflation and profitability concerns, with a focus on targeted sectors and specific measures [9] - The report anticipates a 70% chance of a 25bps cut in Malaysia's Overnight Policy Rate (OPR) due to recent economic indicators suggesting downside risks to GDP growth [2][10] Summary by Sections Economic Indicators - In China, CPI is expected to inch up to 0.0% YoY, while PPI contraction could narrow to -3.1% YoY in June [2] - Taiwan's CPI is projected to benefit from TWD appreciation, with exports expected to grow at 21% YoY [2] - South Korea's Bank of Korea is expected to hold the rate at 2.50% with potential hawkish signals [2] Inflation Forecasts - India's headline CPI is expected to fall to 2.2% YoY in June 2025, influenced by favorable base effects and lower vegetable prices [4] Key Events and Predictions - Upcoming key events include CPI releases for Thailand, Taiwan, and China, as well as the Bank of Malaysia's OPR decision [8][10] - The report notes that the Bank of Korea may prefer a wait-and-see approach until the October meeting to assess housing prices and fiscal stimulus impacts [10] Trade Ideas - Recommendations include taking profit on long USDIDR put spreads and going long on 10-year Indonesian government bonds [9][13] - A strategy to short SGD against a basket of currencies is also suggested, with a target of 98 and a stop of 100.5 [13]

Investment Rating - The report maintains a growth forecast of 5.2% YoY for Q2 2025, indicating a steady outlook for the industry [1][2]. Core Insights - The industry is on track to meet the growth target of around 5%, with a run rate of 5.3% YoY in the first half of 2025. However, monthly indicators for June may show mixed results [2]. - Industrial production is expected to moderate to 5.3% YoY in June, while retail sales are projected to increase by 5.8% YoY, supported by a favorable base [2]. - Exports are forecasted to grow by 3.3% YoY in June, despite a decline in shipments to the US, with imports expected to expand by 0.5% YoY [3]. - Inflation is anticipated to remain low, with CPI expected to rise to 0.0% YoY and PPI contraction narrowing to -3.1% YoY in June [4]. - Total social financing (TSF) is projected at RMB 3.4 trillion for June, driven primarily by government bond issuance [5]. Summary by Sections Economic Growth - The growth forecast for Q2 2025 is set at 5.2% YoY, with expectations of steady growth despite mixed monthly indicators in June [1][2]. Industrial Production and Retail Sales - Industrial production is expected to moderate to 5.3% YoY in June, while retail sales are likely to increase by 5.8% YoY, reflecting resilience in consumer spending [2]. Trade and Exports - Exports are projected to grow by 3.3% YoY in June, with imports returning to growth at 0.5% YoY, contributing to a trade surplus of US$106.1 billion [3]. Inflation and Prices - CPI is expected to remain flat at 0.0% YoY, while PPI contraction is anticipated to narrow to -3.1% YoY, indicating limited inflationary pressure [4]. Credit and Financing - New TSF is forecasted at RMB 3.4 trillion for June, with significant contributions from government bond financing and new RMB loans [5].

V i e w p o i n t | 2. Negative news: 02 Jul 2025 23:09:28 ET │ 17 pages Asia Economics & Strategy Daily Strategy: EM Impact as 90d Tariff Deadline Nears; CN Data; IN Potential Trade Deal CITI'S TAKE EM Asia Strategy Comments: US -Vietnam trade deal – implications for rest of EM Asia as we approach the 90-day tariff exemption deadline; JP Economic Indicator Forecast; CN Data Preview; Potential India-US Trade Deal; KR Second Supplementary Budget May be Cut; July BoK MPB Preview; Upcoming events: EA Service P ...

Investment Rating - The report forecasts China's headline exports growth at 3.3% YoY for June [1][3]. Core Insights - Shipping to the US experienced volatility but has recently rebounded, indicating a tentative trough for US-China trade may hold [1][2]. - Overall cargo throughput in China grew at a slower pace, with a 0.6% YoY increase in the week ending June 29, down from 3.6% YoY the previous week [3][7]. - Container exports from China showed a steady increase of 15.4% YoY in the week ending June 27, supported by favorable base effects [3][11]. - Concerns are rising regarding the implications of the US-Vietnam trade deal and other trade negotiations ahead of the July 9 tariff deadlines [4]. Summary by Sections Export Trends - Exports to the US saw a decline of -6.0% YoY in the 15 days ending July 2, marking the first negative reading since early June [2][14]. - US seaborne bills for imports from China contracted -32.6% YoY in the week ending June 29, compared to -23.9% YoY the week prior [2][15]. Cargo Throughput - High-frequency indicators for overall cargo throughput remained steady, with a 0.6% YoY growth reported [3][7]. - Container departures from China to non-US destinations increased, indicating a shift in trade patterns [3][8]. Tariff Considerations - The report highlights the potential impact of narrowing tariff differentials between China and the Rest of the World (RoW), which could benefit China's direct exports to the US [4]. - Tighter rules on country of origin to curb transshipment are anticipated, with the implementation details being crucial to monitor [4].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The trade balance widened moderately in May to -$71.5 billion, with a drop in exports and imports remaining essentially flat [1][3] - Imports from China have significantly decreased due to high tariffs, but are expected to rebound as tariffs are reduced [1][8] - The overall effective tariff rate on imports to the US is approximately 9%, with China facing a much higher rate of 45% [4] Summary by Sections Trade Balance - The trade balance widened from -$60.3 billion in April to -$71.5 billion in May, with goods exports falling by 5.9% month-over-month and services exports decreasing by 0.2% [3] - The goods trade balance with China saw a 19.9% decline in exports and a 26.3% decline in imports [4] Imports and Exports - Imports from the EU rebounded by 6.9%, while imports from Canada and Mexico rose by 0.5% and 8%, respectively [4] - The drop in exports in May was less severe when accounting for falling gold exports, which had surged in April [6] Economic Impact - The widening trade balance in May is expected to mechanically weigh on GDP growth, but net exports may provide a substantial boost to GDP growth in Q2 due to the plunge in imports in April [5] - Imports of metals have declined significantly, which could negatively impact domestic production in sectors reliant on metal imports [7]

Citigroup Inc. C will release earnings results for the second quarter, before the opening bell on Tuesday, July 15. Considering buying C stock? Here's what analysts think: Read This Next: Photo via Shutterstock Loading... On June 16, Citigroup announced $650 million redemption of floating rate notes due 2026. Citigroup shares gained 2.3% to close at $88.72 on Thursday. Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, an ...

智通财经7月7日电，花旗集团将高通目标股价从145美元上调至170美元，将德州仪器目标价从220美元 上调至260美元。 ...

Core Insights - Citigroup has seen a significant stock price increase of over 75% in the last five years, trading at over $88 per share, a level not reached since 2008 [1] - The bank trades at approximately 97% of its tangible book value (TBV), indicating a discount compared to peers, despite growth in TBV per share [2] Transformation Strategy - Under CEO Jane Fraser's leadership since 2021, Citigroup initiated a transformation plan focusing on divesting inefficient international consumer franchises and capitalizing on higher-returning businesses [3] - The divestiture of Banamex, Citigroup's profitable Mexican consumer banking operation, is part of this strategy to free up capital for investment in areas like investment banking and wealth management [3][6] - The transformation aims to enhance returns, with a target of achieving a 10% to 11% return on tangible common equity (ROTCE) by 2026, up from a 6.1% ROTCE in 2024 [8][10] Future Expectations - Citigroup is expected to complete its international divestitures, including the IPO of Banamex, within the next three years [10] - The bank's current TBV per share is about $90, and a stock price of $145 would require a valuation of 1.5 times TBV, which remains below peers [11] - There is potential for Citigroup to consider whole bank acquisitions to enhance its U.S. deposit presence once it achieves a better valuation [12]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the economic and trade dynamics in Emerging Asia, focusing on the implications of the 90-day tariff deadline and its potential outcomes for various countries including China, Japan, India, and South Korea [2][11]. Core Insights and Arguments 1. **Tariff Deadline Scenarios**: The 90-day tariff pause is set to expire on July 9, with three potential outcomes: - Announce deals/frameworks with some trade partners - Extend deadlines with certain partners - Set new tariff rates for remaining partners [2][5]. 2. **Base Case Scenario**: The most likely outcome is an extension of the current status quo, maintaining a 10% baseline tariff for a longer period. This scenario suggests limited market reactions, with a slight risk-on sentiment but constrained upside [3][5]. 3. **Bull Case Scenario**: If trade deals are announced, effective tariffs may decrease, leading to a more optimistic market outlook. This could result in equities outperforming and a stronger performance from export-oriented currencies like KRW and TWD [6][9]. 4. **Bear Case Scenario**: If tariffs increase significantly, particularly above 15%, it could lead to a risk-off market reaction, with a stronger USD and concerns about global growth impacting Asia FX negatively [7][9]. 5. **Market Reactions**: The actual announcements regarding tariffs may be complex, potentially incorporating elements from all scenarios. The focus will remain on effective tariff rates and the risks of subsequent increases, alongside ongoing diversification from USD overweight positions [8][9]. Important but Overlooked Content 1. **Japan's Industrial Production**: Japan's industrial production increased by 0.5% MoM in May, which was below expectations. Companies are reportedly curbing production in anticipation of potential negative impacts from US tariffs [11]. 2. **China's Economic Indicators**: Both manufacturing and non-manufacturing PMIs in China exceeded expectations in June, indicating continued growth momentum. However, domestic demand, particularly in property sales, may be waning [11][12]. 3. **India's Trade Dynamics**: Reciprocal tariffs have led to a front-loading of exports to the US, with a notable 25% YoY increase in Indian exports to the US from January to May 2025. However, this has not improved the overall trade balance due to a decline in exports to other regions [12]. 4. **South Korea's GDP Forecast**: The GDP forecast for South Korea has been adjusted downwards for Q2 2025 to 0.3% QoQ, but expectations for Q3 and Q4 have been revised upwards due to anticipated recovery in consumption and positive fiscal measures [12]. 5. **Inflation and Interest Rate Forecasts**: The report includes projections for inflation and interest rates across various countries in the region, indicating a cautious outlook for monetary policy adjustments in response to evolving economic conditions [20][21]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current economic landscape in Emerging Asia.

Summary of India-US Trade Deal Conference Call Industry Overview - The conference call discusses the potential contours of a trade deal between India and the United States, focusing on various sectors including manufactured goods, agriculture, and services. Key Points and Arguments Trade Deal Framework - A pre-July 09 trade deal could serve as a broad framework until a comprehensive agreement is finalized before the QUAD summit in October/November [1] - The deal aims to reinforce India-US trade ties and target a bilateral trade volume of USD 500 billion by 2030 [3] Tariffs on Manufactured Goods - Uncertainty exists regarding whether the deal will feature "zero-for-zero" tariffs or retain the current 10% baseline US tariff on Indian exports [9] - The weighted average tariff on US goods in India is approximately 11%, with significant variations across categories, such as food attracting tariffs of 30-80% [4] Agricultural Products - Negotiations on agricultural products are expected to be complex, with India's tariffs on US agricultural goods averaging 30-80% [12] - The US seeks greater market access for its agricultural products, while India aims to protect its agricultural sector, which supports about 60% of its population [12] Energy and Defense Imports - India is expected to increase its imports of energy and defense products from the US, with mineral oil and fuel imports from the US already surging by 67% in value terms [13] - The deal may also facilitate US private sector participation in India's nuclear energy sector [13] Services Trade - Discussions related to services trade are ongoing but are likely to be part of a broader Free Trade Agreement (FTA) rather than the immediate tariff deal [16] - Digital trade issues and technology partnerships are anticipated to be sensitive topics, particularly concerning American tech companies [16] Non-Tariff Barriers - The US may request India to remove some non-tariff barriers to provide better access for US firms in Indian markets [14] - India's existing trade agreements, such as with the UK, have included reductions in non-tariff barriers, which may set a precedent for the US deal [14] Currency Considerations - Currency issues are unlikely to be a significant part of the trade deal due to India's negative Net International Investment Position (NIIP) and the volatility of the Indian Rupee [22] Future Outlook - The initial trade deal is expected to be a broad framework, with more detailed negotiations to follow [19] - A comprehensive version of the deal could be finalized before the QUAD leaders' summit, with India aiming to convert it into a Bilateral Trade Agreement for greater certainty over tariff rates [19] Additional Important Points - The potential impact of the trade deal on India's macroeconomic environment will depend on whether the US imposes lower tariffs than those on India's Asian peers [22] - The complexity of agricultural negotiations may also involve specific products like maize, soybeans, and dairy, which have significant implications for Indian farmers [18] This summary encapsulates the critical aspects of the India-US trade deal discussions, highlighting the complexities and potential outcomes of the negotiations.