India Economics Weekly Bihar election looms large over India-US trade talks The Bihar state election will be closely watched for its implications for reforms and as a potential referendum on India’s stance in trade talks with the US. Bihar is one of India’s most agrarian... 31st October 2025 · 4 mins read
Asset Allocation Update China’s equities have more to gain as tensions ease We think China’s equities stand to benefit more than those in the US from any further easing in US-China tensions. That said, we still think the US stock market will outperform China’s over the next... 31st October 2025 · 6 mins read
Japan Economics Weekly BoJ on course for January rate hike While the Bank of Japan left policy settings unchanged this week, Governor Ueda signaled that the Board won’t wait much longer before resuming its tightening cycle. Indeed, with structural labour... 31st October 2025 · 4 mins read
China Rapid Response China PMIs (Oct. 2025) The drop in the RatingDog services PMI provides further evidence that China’s economy lost some momentum last month, with slower growth across manufacturing, services and construction. Some of this... 31st October 2025 (Updated 3rd November 2025) · 2 mins read
APAC Commercial Property Update RICS data shows APAC CRE sentiment still subdued in Q3 The latest RICS Commercial Property Sentiment Index for Asia-Pacific remained in negative territory in Q3, reaffirming our view that the recovery in this cycle will be weak. Mainland China and Hong... 31st October 2025 · 3 mins read
Australia & New Zealand Economics Weekly RBA on an extended pause, but easing cycle not over With underlying inflation in Australia having surprised materially to the upside in Q3, the RBA is all but certain to leave rates unchanged next week. However, unlike several other analysts we're not... 31st October 2025 · 5 mins read
Japan Rapid Response Japan Industrial Production, Retail Sales & Labour Market (Sep. 25) The September activity data suggest that the contraction in Q3 GDP may be milder than we had anticipated and the economy should return to growth this quarter. 31st October 2025 · 2 mins read
China Chart Pack China Chart Pack (Oct. 25) While growth picked up in Q3, our China Activity Proxy still suggests that the economy is expanding at a much weaker pace than official figures indicate. Export growth has continued to hold up well in... 30th October 2025 · 0 mins read
Capital Daily The Fed, the BoJ, the ECB, and the bond market The Fed and the BoJ sent their respective government bond markets in different directions earlier today, but we expect yields in both places to rise over time. By contrast, while the ECB is likely to... 30th October 2025 · 5 mins read
Japan Economics Update BoJ will wait until January before tightening again The Bank of Japan kept policy settings unchanged today and Governor Ueda indicated that the Bank wants to gather more information on the strength of pay hikes in next year’s spring wage negotiations... 30th October 2025 · 3 mins read
China Economics Update Xi-Trump talks buy China time to decouple at its own pace The reversal of some US tariffs on China won’t have a big impact given that Chinese exporters had largely shrugged them off. But the de-escalation takes the immediate threat of large tariff hikes off... 30th October 2025 · 5 mins read
Japan Rapid Response Bank of Japan Meeting (Oct. 25) The Bank of Japan signaled continued concerns about the impact of higher US tariff when keeping policy settings unchanged today and we’re sticking to our forecast that the next rate hike will only... 30th October 2025 · 2 mins read
China Economics Update PBOC’s return to bond trading signals renewed easing The PBOC’s bond trading operations were initially envisaged as a tool to limit declines in yields. But, alongside policy rate cuts, they are likely to be used to guide yields lower over the coming... 30th October 2025 · 4 mins read
Emerging Markets Financial Risk Monitor EM Financial Risk Monitor (Oct. 2025) EM financial markets have continued to perform well in the past quarter, with currencies holding firm against the US dollar and sovereign bond spreads narrowing in many places. This has been supported... 29th October 2025 · 1 min read
Asia Economics Update Korea strikes trade deal with the US South Korea has finalised a trade deal with the US which, based on the details released so far (from the Korean side), appears relatively favourable, with auto tariffs set to be lowered and pledges of... 29th October 2025 · 3 mins read
