Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>Singapore’s stunning economic performance this year, led by strong exports and resilient domestic consumption, masks concerns over the impact of AI, tariffs and other challenges. </li>
<li>Government efforts to hedge industrial bets and trade relations, as well as enhance indigenous capacity by reallocating resources, provide some buffer against these issues. </li>
<li>Yet, the volatility of flows that comes with being a hub and the instability of the South China Sea are deeply intertwined with Singapore’s economic model. </li>
</ul>


Singapore’s stunning economic performance this year, led by strong exports and resilient domestic consumption, masks concerns over the impact of AI, tariffs and other challenges. 
Government efforts to hedge industrial bets and trade relations, as well as enhance indigenous capacity by reallocating resources, provide some buffer against these issues. 
Yet, the volatility of flows that comes with being a hub and the instability of the South China Sea are deeply intertwined with Singapore’s economic model. 


Singapore Economics: Strategic Responses to a Changing Global Order

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Taiwan insurer is emerging market subset, coming to the offshore USD bond market since Sep’24 with new issue premium ahead of the full adoption of IFRS.</li><li>Despite the tightened credit spread compared with the levels when we first put out our trade ideas in Jul’25, we continue to prefer SHIKON 6.95 06/26/35 for over NSINTWs for 20bps yield pick-up.</li><li>We also continue to prefer FUBON 5.45 12/10/35 with a yield pick-up of 10bps.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Taiwan insurer is emerging market subset, coming to the offshore USD bond market since Sep’24 with new issue premium ahead of the full adoption of IFRS.Despite the tightened credit spread compared with the levels when we first put out our trade ideas in Jul’25, we continue to prefer SHIKON 6.95 06/26/35 for over NSINTWs for 20bps yield pick-up.We also continue to prefer FUBON 5.45 12/10/35 with a yield pick-up of 10bps.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Fixed Income - Taiwan Lifers: An emerging subset with new premium

External broker reports, Nordea

Nordea

External broker reports

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.</li><li>We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.</li><li>Thus, energy prices do not explain the low headline reading.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.Thus, energy prices do not explain the low headline reading.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish November flash inflation review: Below forecasts

Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

<ul><li data-start="0" data-end="156">United States shows deepening slowdown with weak ISM manufacturing, falling employment, and declining private payrolls, signaling rising recession risk.</li><li data-start="157" data-end="277">India and China exhibit relatively constructive economic prospects, contrasting with softness in advanced economies.</li><li data-start="278" data-end="428" data-is-last-node="">Asian indicators are mixed, with Indonesia struggling on trade and Hong Kong retail sales recovering gradually but remaining below pre-COVID levels.</li></ul>

United States shows deepening slowdown with weak ISM manufacturing, falling employment, and declining private payrolls, signaling rising recession risk.India and China exhibit relatively constructive economic prospects, contrasting with softness in advanced economies.Asian indicators are mixed, with Indonesia struggling on trade and Hong Kong retail sales recovering gradually but remaining below pre-COVID levels.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 5 Dec 2025

<ul><li>We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.</li><li>While automotive electrification remains a key secular driver, a structural new demand frontier is emerging: the power redesign of AI data centers.</li><li>The transition from legacy 54V DC to 800V high-voltage direct current (HVDC) architecture, essential for next-generation, high-power AI racks, is physically and economically enabled by SiC and GaN. T</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.While automotive electrification remains a key secular driver, a structural new demand frontier is emerging: the power redesign of AI data centers.The transition from legacy 54V DC to 800V high-voltage direct current (HVDC) architecture, essential for next-generation, high-power AI racks, is physically and economically enabled by SiC and GaN. TContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Wide-Bandgap Semiconductors – SiC/GaN: Powering the Next Wave of AI Infrastructure

Macroeconomics
Macroeconomics Insights

Singapore Economics: Strategic Responses to a Changing Global Order

Singapore's strong economic performance is overshadowed by concerns over AI, tariffs, and other challenges, but government efforts provide some...

Manu Bhaskaran

CMBI Fixed Income - Taiwan Lifers: An emerging subset with new premium

Taiwan insurer is emerging market subset, coming to the offshore USD bond market since Sep’24 with new issue premium ahead of the full adoption of...

CMB International

Swedish November flash inflation review: Below forecasts

CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November. We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere...

Nordea

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 5 Dec 2025

United States shows deepening slowdown with weak ISM manufacturing, falling employment, and declining private payrolls, signaling rising...

Dr. Jim Walker

Semiconductors - Wide-Bandgap Semiconductors – SiC/GaN: Powering the Next Wave of AI Infrastructure

We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.

CMB International

Singapore Economics: Strategic Responses to a Changing Global Order

​Singapore's strong economic performance is overshadowed by concerns over AI, tariffs, and other challenges, but government efforts provide some...

Manu Bhaskaran

CMBI Fixed Income - Taiwan Lifers: An emerging subset with new premium

Taiwan insurer is emerging market subset, coming to the offshore USD bond market since Sep’24 with new issue premium ahead of the full adoption of...

CMB International

Swedish November flash inflation review: Below forecasts

CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November. We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere...

Nordea

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 5 Dec 2025

United States shows deepening slowdown with weak ISM manufacturing, falling employment, and declining private payrolls, signaling rising...

Dr. Jim Walker

Semiconductors - Wide-Bandgap Semiconductors – SiC/GaN: Powering the Next Wave of AI Infrastructure

We believe the wide-bandgap semiconductor sector, led by silicon carbide (SiC) and gallium nitride (GaN), is entering a new, multi-year growth phase.

CMB International

Singapore's strong economic performance is overshadowed by concerns over AI, tariffs, and other challenges, but government efforts provide some...