Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

Cross Asset Strategy

<ul>
<li>China’s Local Government Financing Vehicles (LGFVs) across the country have shown a diverse credit profiles with majority of the LGFV’s exhibiting moderate credit risk at the start of this year when broken down by province.</li>
<li>These financing vehicles, that have been used to fund infrastructure and other development-related projects for local governments in China, have been susceptible to varying macroeconomic conditions.</li>
<li>However, at the start of 2024, Criat’s Credit Cycle Index (CCCI) shows that the sector’s credit risk outlook is likely to improve with respect to that of the aggregate credit profile of all Chinese firms.</li>
</ul>


China’s Local Government Financing Vehicles (LGFVs) across the country have shown a diverse credit profiles with majority of the LGFV’s exhibiting moderate credit risk at the start of this year when broken down by province.
These financing vehicles, that have been used to fund infrastructure and other development-related projects for local governments in China, have been susceptible to varying macroeconomic conditions.
However, at the start of 2024, Criat’s Credit Cycle Index (CCCI) shows that the sector’s credit risk outlook is likely to improve with respect to that of the aggregate credit profile of all Chinese firms.


Central Government Policy Aid Set to Catalyze LGFVs' Fortunes in 2024

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>Bank of Japan (BoJ): BoJ kept rates unchanged at 0.5%, despite 3% inflation — a clear policy mismatch.</li><li>Federal Reserve (US): The Fed cut rates despite inflation running above target (≈3.6% annualized).</li><li>China: Industrial profits up 21.6% YoY in September, marking a two-month streak (August: +20.4%).</li></ul>

Bank of Japan (BoJ): BoJ kept rates unchanged at 0.5%, despite 3% inflation — a clear policy mismatch.Federal Reserve (US): The Fed cut rates despite inflation running above target (≈3.6% annualized).China: Industrial profits up 21.6% YoY in September, marking a two-month streak (August: +20.4%).

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 31 Oct 2025

<ul><li>China: Growth Slows, Stimulus Likely Ahead: Q3 GDP rose 4.8% YoY, below earlier quarters and forecasts (previously expected 5.5% FY growth, now trimmed to 5.1%).</li><li>Japan: Policy Stagnation and Structural Decline: New LDP leader and PM, Mrs. Takaichi, signals more of the same “Abenomics” playbook — fiscal stimulus and ultra-low rates.</li><li>Regional and Market Sentiment: The Bangkok roundtable consensus was broadly cautious — China’s sub-5% growth outlook and Southeast Asia’s softening momentum weighed on sentiment.</li></ul>

China: Growth Slows, Stimulus Likely Ahead: Q3 GDP rose 4.8% YoY, below earlier quarters and forecasts (previously expected 5.5% FY growth, now trimmed to 5.1%).Japan: Policy Stagnation and Structural Decline: New LDP leader and PM, Mrs. Takaichi, signals more of the same “Abenomics” playbook — fiscal stimulus and ultra-low rates.Regional and Market Sentiment: The Bangkok roundtable consensus was broadly cautious — China’s sub-5% growth outlook and Southeast Asia’s softening momentum weighed on sentiment.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 24 Oct 2025

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. 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>The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025 deadline announced by the US government for making negotiations with trade partners over tariffs.</li><li>To recap, Pakistan exports US$6bn goods to USA (18%) and is country’s largest trading partner.</li><li>Last night, revised tariffs were announced by the US government, wherein Pakistan will now face reciprocal tariffs of 19% compared to earlier rate of 29%, reducing the impact by around 10ppts. However, some of the peer countries who were at much higher bracket before are almost at par with Pakistan now.</li></ul>

The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025 deadline announced by the US government for making negotiations with trade partners over tariffs.To recap, Pakistan exports US$6bn goods to USA (18%) and is country’s largest trading partner.Last night, revised tariffs were announced by the US government, wherein Pakistan will now face reciprocal tariffs of 19% compared to earlier rate of 29%, reducing the impact by around 10ppts. However, some of the peer countries who were at much higher bracket before are almost at par with Pakistan now.

Pakistan Market - Pakistan To Face 19% Reciprocal US Tariffs; Better Than India, But Largely At Par With Vietnam And Bangladesh

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul>
<li>The USD market will be flooded with liquidity in Q4, accompanied by rate cuts, providing Chinese authorities with a window of opportunity to ease policy.</li>
<li>However, there is one issue: CNY liquidity is tightening now.</li>
<li>Welcome to our weekly China Watch, where we examine Chinese assets through the lens of Western investors and markets.</li>
</ul>


The USD market will be flooded with liquidity in Q4, accompanied by rate cuts, providing Chinese authorities with a window of opportunity to ease policy.
However, there is one issue: CNY liquidity is tightening now.
Welcome to our weekly China Watch, where we examine Chinese assets through the lens of Western investors and markets.


China Liquidity Watch: USD easing allowed China to ease, but there is a caveat..

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China Treasury (CHINA GOVT)

Central Government Policy Aid Set to Catalyze LGFVs' Fortunes in 2024

China’s Local Government Financing Vehicles (LGFVs) across the country have shown a diverse credit profiles with majority of the LGFV’s exhibiting...

Criat

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 31 Oct 2025

Bank of Japan (BoJ): BoJ kept rates unchanged at 0.5%, despite 3% inflation — a clear policy mismatch. Federal Reserve (US): The Fed cut rates...

Dr. Jim Walker

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 24 Oct 2025

China: Growth Slows, Stimulus Likely Ahead: Q3 GDP rose 4.8% YoY, below earlier quarters and forecasts (previously expected 5.5% FY growth, now...

Dr. Jim Walker

Pakistan Market - Pakistan To Face 19% Reciprocal US Tariffs; Better Than India, But Largely At Par With Vietnam And Bangladesh

The United States of America (USA) has announced revised reciprocal tariffs on trading partners on Jul 31, 2025. This was as per the Aug 01, 2025...

Topline Securities

China Liquidity Watch: USD easing allowed China to ease, but there is a caveat..

The USD market will be flooded with liquidity in Q4, accompanied by rate cuts, providing Chinese authorities with a window of opportunity to ease...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)