4Q: Industrywide Bad-Debt Ratio Fell, While We Believe Credit Cycle Has Yet to Peak
China’s banking regulator, CBRC, released 2016 operating data for commercial banks, with net profit up 3.5% from 2015. Fourth-quarter earnings...
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Asia Market Strategy: Is There No Stopping This Bull Run?
There was nothing new in Trump's speech last night, but the US stock market surged to new highs (again). Global reflation trade over next few...
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Tighter Monetary Policy to Facilitate Financial Deleveraging in China
After lifting the medium-term lending facility rate by 10 basis points on Jan. 24, the People's Bank of China raised the overnight short-term...
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Tech Rebounds as USD Reverses, Macau Recovery Continues...
The consensus expected a rampant USD this year, but this wasn’t consistent with the Trump trade agenda – the dollar has had its worst January in...
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Trump and China; the Calm Before the Storm?
The new US administration is heading towards a stand-off with China over trade by eschewing the incremental approach of Obama’s administration in...
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