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.

Macroeconomics

<ul><li>Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and Thailand also remain in expansion territory.</li><li dir="ltr" style="list-style-type: disc;" aria-level="1">Indonesia reported 5.1% growth—no surprise. It’s the same figure (rounded) they’ve reported nearly every quarter over the past decade, barring COVID. It raises credibility questions.</li><li>Tariff announcements expected this week remain vague, especially concerning China.</li></ul>

Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and Thailand also remain in expansion territory.Indonesia reported 5.1% growth—no surprise. It’s the same figure (rounded) they’ve reported nearly every quarter over the past decade, barring COVID. It raises credibility questions.Tariff announcements expected this week remain vague, especially concerning China.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 8 August 2025

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Banks / Cover Story: China’s bank deposit insurance plan is seen needing new support In the spring of 2019, a quiet but historic event shook China’s banking sector: Baoshang Bank collapsed.</li><li>It was the first true bank failure in the country since the founding of the People’s Republic, and the first real test of a deposit insurance system created four years earlier.</li><li>That test would define the future of financial risk management in China.</li></ul>

Banks / Cover Story: China’s bank deposit insurance plan is seen needing new support In the spring of 2019, a quiet but historic event shook China’s banking sector: Baoshang Bank collapsed.It was the first true bank failure in the country since the founding of the People’s Republic, and the first real test of a deposit insurance system created four years earlier.That test would define the future of financial risk management in China.

CX Daily: China’s Bank Deposit Insurance Plan Is Seen Needing New Support 

<ul><li>Trump 2.0 means reboot of aggressive tariff policy toward China</li><li>TSMC suspends shipments of more advanced chips to mainland clients, sources say</li><li>State-owned China COSCO Shipping Corp. Ltd. has opened a new sea-land route that reduces the time it takes to transport goods from China to Europe by one-fifth</li></ul>

Trump 2.0 means reboot of aggressive tariff policy toward ChinaTSMC suspends shipments of more advanced chips to mainland clients, sources sayState-owned China COSCO Shipping Corp. Ltd. has opened a new sea-land route that reduces the time it takes to transport goods from China to Europe by one-fifth

CX Daily: Trump 2.0 Means Reboot of Aggressive Tariff Policy Toward China 

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge</li></ul>

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation with PKO Bank • E-commerce & Logistics | EU approves major customs overhaul targeting e-commerce parcel surge

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & Logistics)

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.

Thematic (Sector/Industry)

<ul><li>Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 3Q23 results but mixed 4Q23 outlook with shipment/ASP pressure and lower GPM given weak broad-based recovery, low UTR, depreciation and higher utility costs.</li><li>Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction.</li><li>Overall, we expect global foundry industry to return to positive growth in 1H24. </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.

Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 3Q23 results but mixed 4Q23 outlook with shipment/ASP pressure and lower GPM given weak broad-based recovery, low UTR, depreciation and higher utility costs.Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction.Overall, we expect global foundry industry to return to positive growth in 1H24. 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

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 8 August 2025

Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and...

Dr. Jim Walker

CX Daily: China’s Bank Deposit Insurance Plan Is Seen Needing New Support

TOP STORIES Banks / Cover Story: China’s bank deposit insurance plan is seen needing new support In the spring of 2019, a quiet but historic...

Caixin Global

CX Daily: Trump 2.0 Means Reboot of Aggressive Tariff Policy Toward China

As the 78-year-old Republican prepares to lead a deeply divided nation, all eyes are on the critical decisions shaping his second-term...

Caixin Global

What's News in Amsterdam - 8 September (ASML/TSMC | Allegro | E-commerce & Logistics)

In this edition: • ASML/TSMC | launch industry initiative for 12-inch High NA EUV photomasks • Allegro | introducing the next stage of cooperation...

The IDEA!

Technology – Global Foundry 3Q23 Wrap

Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction

CMB International

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