Asset Allocation Update Three reasons to be positive on Japan’s markets Although they’ve struggled lately, we think the yen and Japanese equities will fare well next year, and that JGBs will outperform many other developed-market bonds in common-currency terms too. 4th December 2025 · 4 mins read
Asia Economics Update Assessing the economic impact from recent typhoons Large parts of South and South East Asia have been hit hard by tropical storms in recent weeks, causing significant loss of life and widespread disruption. The human cost is tragic. Economically... 3rd December 2025 · 3 mins read
Asia Economics Focus Taiwan’s economy to keep flying in 2026 Taiwan is on course to record GDP growth of over 7% this year and our forecast for the economy to expand by another 5% next year lies well above the consensus. Rapid growth in exports of AI-related... 2nd December 2025 · 8 mins read
Capital Daily BoJ hikes not a threat to global markets The prospect of the Bank of Japan resuming its hiking cycle a bit sooner than previously thought has sent tremors through global bond and equity markets this week, but we suspect they could... 2nd December 2025 · 4 mins read
Japan Economic Outlook BoJ will bring rates close to neutral by 2027 The economy will continue to grow at a healthy pace, which should ensure that the labour market remains very tight. While energy subsidies and falling crude oil prices will weigh on headline inflation... 2nd December 2025 · 17 mins read
APAC Commercial Property Outlook Narrow yield spreads to limit size and speed of the recovery Asia-Pacific property faces a slow, uneven recovery as high risk-free rates and weak growth limit investment demand and therefore, prospects for yield-driven capital gains. Spreads over risk-free... 2nd December 2025 · 18 mins read
Equities Focus EM equities rally to lose some steam outside of Asia We forecast emerging market equities to post solid returns in 2026, although not on the same scale as the exceptional gains seen this year. We expect the biggest returns in EM Asia as the AI boom... 1st December 2025 · 11 mins read
China Economics Update Six non-consensus calls for China for 2026 Almost everyone expects real economic growth in China to slow next year. But most forecasters think the picture will brighten in nominal terms thanks to a rebound in inflation and a bottoming out of... 1st December 2025 · 8 mins read
Japan Economics Update Resilience of profits adds to case for tighter policy With corporate profits hitting fresh record highs, the BoJ’s concern that US tariffs will provide a major headwind to business investment and wage growth looks increasingly overdone. To be sure... 1st December 2025 · 3 mins read
Asia Economics Update Asia Manufacturing PMIs, Korea Trade (November) The November PMI readings for most countries in Asia remained consistent with soft manufacturing activity. However, the PMIs haven’t been a great guide to the hard activity data for some economies... 1st December 2025 · 3 mins read
China Rapid Response China PMIs (Nov. 2025) The decline in the RatingDog services PMI adds to evidence that the economy continued to lose some momentum last month, with slower growth across both manufacturing and services. We expect growth to... 1st December 2025 (Updated 3rd December 2025) · 3 mins read
Japan Rapid Response Bank of Japan will lift its policy rate this month In response to a hawkish speech by Governor Ueda today, we now expect the Bank of Japan to lift its policy rate to 0.75% at its upcoming meeting that ends on 19 th December instead of our previous... 1st December 2025 · 2 mins read
Latin America Economics Weekly Brazil’s slowdown, Honduras voting for Trump or Xi GDP data from Brazil due out next Thursday are likely to show that the economy contracted in Q3, which, combined with the recent fall in inflation and inflation expectations, supports our view that... 28th November 2025 · 5 mins read
India Economics Weekly Blockbuster Q3 GDP, labour market overhaul, RBI preview The further acceleration in GDP growth in Q3 leaves India's economy on course to expand by an impressive 7.5% this year. But with inflation at a generational low, that won't prevent the RBI from... 28th November 2025 · 4 mins read
China Economics Weekly Waning support for developers may drag on construction Vanke's plan to delay repayment of an onshore bond points to fading state support for non-SOE developers. The risk this poses to financial stability is probably manageable. But it threatens to... 28th November 2025 · 6 mins read
India Rapid Response India GDP (Q3 2025) India’s economic growth surged in Q3 and came in well above expectations. Punitive US tariffs remain a headwind for the outlook, but prospects for a trade deal with the US appear to have risen lately... 28th November 2025 · 3 mins read
