Mol Augus China's 3D Journey | Asia Pacific How Fiscal Reforms Could Affect the Economy Beijing pledges to ease local government funding pressures with fiscal reforms. However, the proposed tax hikes could make reflation more challenging. We analyze the economic impact of different reform paths. The rise of 3D challenges has eroded local governments' ability to support growth... In China, local govt shoulders >85% of fiscal spending. However, resurgent secular 3D challenges (debt, demographics, deflation) f ...

Mol Augus Global Macro Strategy | North America The White House and the Dollar Policies proposed by the Republican presidential campaign would likely boost USD. A potential Republican administration may attempt to offset USD strength, but in the near term, we expect USD and the likelihood of a Republican White House to be positively correlated. We expect the US dollar to gain if the Republican Party is increasingly seen as likely to win the US presidency. While former President Trump has spoken against doll ...

12 August 2024 | 6:31AM HKT China: Three things in China Three quick highlights from China: ■ Nuances of the July trade data: On the surface, China's July exports missed expectations (7.0% yoy vs. 9.5% Bloomberg consensus) and China's July imports surprised to the upside (7.2% yoy vs. 3.2% Bloomberg consensus). However, the import strength may be related to more working days, and the export miss does not necessarily imply lower export volume. In June, export value increased 8.6% yoy but export volume jumped ...

Mord August 7, 2024 10:16 AM GM Japan Economics │ Japan Our Impression About BoJ Deputy Gov. Uchida's Speech BoJ Dep. Gov. Uchida stated that the bank would not raise its policy rates while financial and capital markets remained unstable in his speech on Aug 7. It is more important to note that he wanted to clarify that his stance was not inconsistent with the bank's existing policy decision process. Key Takeaways ■ Dep. Gov. Uchida stated that the bank would not raise its policy rates while financial and c ...

Equity Research Report Strategy Prospects for Export Chain Trade Huatai Research 13 August 2024 | China (Mainland) Themes Analyst SAC No. S0570520060001_wangyi012893@htsc.com SFC No. BMQ373 +(86) 21 2897 2228 Our core views: export chain to stay resilient, upside to weaken In this report, we analyze the excess return outlook for China's export chain in terms of environment and fundamentals. 1) The win rate of the export chain is 100% amid an increased manufacturing PMI overseas, with excess returns averagin ...

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Equity Research Report Strategy Behind Shifts in Large and Small Cap Styles Huatai Research 13 August 2024 | China (Mainland) Weekly Our core views While the market underwent a pulsed rebound due to policy-driven trading in the middle of last week, sustainability remains to be seen. Recession trading has intensified recently in external markets, yet there has been no sign of inflow into China assets from allocation-oriented foreign capital, necessitating further observation on foreign capital reallocation. ...

August 4, 2024 10:23 PM GMT M Idea China Economics | Asia Pacific Bull vs. Bear: Is Bad Data Good News Again? China's growth deceleration continued in July, raising the urgency of more easing. The Politburo has called for faster implementation of announced policies and suggested more might be coming. We expect continued reactive easing and a slight growth improvement in 2H, leaving FY24 GDP growth tracking at 4.6-4.7%. To bring you a variety of perspectives, we have picked several charts that consider both ...

Fixed Income Credit Commentary 13 Aug 2024 CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 The Asset Asian G3 Bond Benchmark Review 2023 We hope you found our commentaries and ideas helpful. We seek to elevate our efforts and value-add further in the coming year. We highly appreciate your support to us in Sell-Side Analysts of the polls of "The Asset Asian G3 Bond Benchmark Review 2024". Thank you for your support! . Asian IGs were stable and flows skewed to better selling this morning. Ja ...

13 August 2024 | 10:31AM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Wistron (3231.TW): Better 3Q24 ahead on AI servers ramp up, PCs and general servers recovery; Product mix and larger scale to support GM We remain positive on Wistron post 2Q24 results and July revenues, which are both in line with our estimates. We expect a better 3Q24 ahead with stronger seasonality, PCs and general servers recovery on new product cycle, and AI servers ramp up on better GPU supply. Although there are still some uncertainties in ...