Australia & New Zealand Rapid Response RBNZ Meeting (Aug. 2025) When the RBNZ slashed rates by 25bp today, it clearly signalled that there is more easing in the pipeline. Accordingly, we’re more confident than ever in our below-consensus terminal rate forecast of... 20th August 2025 · 2 mins read
Japan Rapid Response Japan External Trade (July 25) The July trade statistics suggest that higher US tariffs are still not having a major impact on Japan’s overall export performance, but we expect softer external demand to result in slower export... 20th August 2025 · 2 mins read
Bonds Focus The causes and consequences of waning demand for very long-dated bonds Very long-dated government bonds have been under serious pressure at times this year. Demand from traditional sources seems to have waned, and we doubt it’s coming back. In some cases, governments... 19th August 2025 · 28 mins read
Asia Economics Update More to strong Asian exports than tariff front-running Strong growth in exports from Asia in the first half of the year has fuelled talk that, with US tariffs now in place, shipments will fall sharply as tariff front-running ends. But we’re not convinced... 19th August 2025 · 6 mins read
India Economics Update India’s GST reforms are an encouraging step Reported simplifications to India’s Goods and Services Tax (GST) would, all else equal, result in a slightly larger fiscal deficit this year and next, as well as provide some policy-induced support to... 18th August 2025 · 3 mins read
Asia Economics Update Property downturn to weigh on Korea’s economy Weak investment will remain a drag on Korea’s economy over the coming quarters, as a prolonged downturn in the property sector continues to weigh on construction. 18th August 2025 · 2 mins read
Asia Rapid Response Thailand Q2 GDP (August 2025) Economic growth in Thailand slowed in the second quarter of the year, and we think the economy will struggle over the coming months as weaker exports, slower government spending and weak private... 18th August 2025 · 2 mins read
APAC Commercial Property Valuation Monitor APAC Commercial Property Valuation Monitor (Q3 2025) The decline in Q2 government bond yields boosted APAC valuation scores. But with risk-free rates still high, property yields will not see meaningful falls. 18th August 2025 · 1 min read
Asia Economics Weekly Asia Weekly: Malaysian growth to slow, Indonesia’s 2026 budget Malaysia’s economy grew by 4.4% y/y in Q2 as strong investment was offset by weak exports. Looking ahead, growth is likely to slow in the near term as planned fiscal tightening and subdued global... 15th August 2025 · 7 mins read
China Economics Weekly China Weekly: Consumer loan subsidies are a step in the right direction The new consumer loan subsidy programme announced by the Ministry of Finance this week is unlikely to significantly drive up household spending. But may be a sign that China's leadership is finally... 15th August 2025 · 5 mins read
India Economics Weekly India Weekly: All eyes on Trump-Putin meeting, a Diwali GST gift The meeting between Presidents Trump and Putin in Alaska later today could pave the way to a reduction in India's US tariff rate. Meanwhile, PM Modi struck a defiant tone regarding the tariff threat... 15th August 2025 · 4 mins read
Capital Daily What could end the yen’s puzzling weakness? We still think the Japanese yen will stage a sustained rally against the US dollar. 15th August 2025 · 3 mins read
Japan Economics Weekly Japan Weekly: BoJ will welcome resilience of Japan’s economy While faster productivity growth makes it easier for firms to absorb stronger wage growth, the Bank of Japan will welcome the resilience of consumer spending and business investment since Liberation... 15th August 2025 · 6 mins read
Australia & New Zealand Economics Weekly ANZ Weekly: Strong jobs market won’t keep RBA from easing further When the RBA delivered a 25bp cut this week, it signalled a willingness to lower rates below 3% for the first time this cycle. Although subsequently released labour market and wage data surprised... 15th August 2025 · 4 mins read
China Rapid Response China Activity & Spending (Jul. 2025) Q3 started on a weak note, with a broad-based slowdown across key indicators. Given cooling exports and a lack of additional policy support, we think the outlook for the rest of the year remains... 15th August 2025 · 3 mins read
Japan Rapid Response Japan GDP (Q2 25 Preliminary) GDP growth rebounded more strongly last quarter than most had anticipated but we still expect a renewed slowdown over the coming quarters. 15th August 2025 · 2 mins read
