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Jeroen Blokland

Global Multi-Asset Investment Strategist

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True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?</li>
<li>The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.</li>
<li>You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.</li>
</ul>


First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?
The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.
You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.


The Weekly Market Monitor – The 34-Year Wait Is Over!

<ul>
<li>The US economy grew much faster than expected in Q4, raising questions about whether yields will ever hurt economic momentum. The secret: fight higher interest burdens with more debt.</li>
<li>Employees of the ECB are happy to work there. We get that, Christine, but this doesn’t make you a great leader. Let’s talk again when the ECB must cut rates before Summer.</li>
<li>When it comes to Macro policies, China is just like everyone else. Whenever there is a problem, don’t solve it; just throw debt and liquidity at it. Chinese stocks are outperforming this week!</li>
</ul>


The US economy grew much faster than expected in Q4, raising questions about whether yields will ever hurt economic momentum. The secret: fight higher interest burdens with more debt.
Employees of the ECB are happy to work there. We get that, Christine, but this doesn’t make you a great leader. Let’s talk again when the ECB must cut rates before Summer.
When it comes to Macro policies, China is just like everyone else. Whenever there is a problem, don’t solve it; just throw debt and liquidity at it. Chinese stocks are outperforming this week!


The Weekly Market Monitor – Growth = Debt, China's Liquidity Wave & Earnings Not Falling off a Cliff

<ul>
<li>The Empire State Manufacturing Survey has crashed! Only two months during COVID-19 were worse. So, how bad is it?</li>
<li>China is a mess. And it just got worse. The Hang Seng Index collapsed. Are Chinese stocks a buy yet?</li>
<li>UK inflation added to the ‘we must remain hawkish’ narrative of central banks. Yet, many rate cuts are coming.</li>
</ul>


The Empire State Manufacturing Survey has crashed! Only two months during COVID-19 were worse. So, how bad is it?
China is a mess. And it just got worse. The Hang Seng Index collapsed. Are Chinese stocks a buy yet?
UK inflation added to the ‘we must remain hawkish’ narrative of central banks. Yet, many rate cuts are coming.


The Weekly Market Monitor – US Hawkishness, Bitcoin Memes, and China's Value Trap

<ul>
<li>2024 will bring an environment of a grand-scale rebalancing of multi-asset portfolios. And the latest headline-making remarks on US government debt from China confirm this.</li>
<li>China wants to diversify its foreign reserves further. With relatively stable foreign currency reserves, this suggests the selling of US Treasuries, which would be different from what we have seen.</li>
<li>A significant part of the diversification of foreign reserves will likely end up with gold. China has been, by far, the biggest buyer of gold over the last two years.</li>
</ul>


2024 will bring an environment of a grand-scale rebalancing of multi-asset portfolios. And the latest headline-making remarks on US government debt from China confirm this.
China wants to diversify its foreign reserves further. With relatively stable foreign currency reserves, this suggests the selling of US Treasuries, which would be different from what we have seen.
A significant part of the diversification of foreign reserves will likely end up with gold. China has been, by far, the biggest buyer of gold over the last two years.


The Great Portfolio Rebalance Will Accelerate in 2024: Part 1 – China Wants Less US Debt

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

Macroeconomics

<ul><li>China’s top policymakers emphasized economic growth and signaled stronger fiscal support when they met Monday and Tuesday to chalk out plans for the world’s second-largest economy in the coming year.</li><li>Policymakers at the annual Central Economic Work Conference (CEWC) called for “efforts to pursue progress while ensuring stability” in 2024, according to a readout published by the state-run Xinhua News Agency.</li><li>The conference took place in Beijing and was attended by top leaders, including President Xi Jinping and Premier Li Qiang.</li></ul>

China’s top policymakers emphasized economic growth and signaled stronger fiscal support when they met Monday and Tuesday to chalk out plans for the world’s second-largest economy in the coming year.Policymakers at the annual Central Economic Work Conference (CEWC) called for “efforts to pursue progress while ensuring stability” in 2024, according to a readout published by the state-run Xinhua News Agency.The conference took place in Beijing and was attended by top leaders, including President Xi Jinping and Premier Li Qiang.

Economists See China Focusing More on Growth Next Year After Key Meeting 

China

The MSCI China Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31, 1992.

MSCI China Index (MXCN INDEX)

The Weekly Market Monitor – The 34-Year Wait Is Over!

Investments highlighted: Nikkei 225 Index, Japan 10-year yield, DAX Index, Chinese Equities, Walmart, Nvidia, Bitcoin, Gold, Treasuries.

Jeroen Blokland

The Weekly Market Monitor – Growth = Debt, China's Liquidity Wave & Earnings Not Falling off a Cliff

Welcome to the Weekly Market Monitor, keeping you updated on last week’s most important charts and developments in financial markets.

Jeroen Blokland

The Weekly Market Monitor – US Hawkishness, Bitcoin Memes, and China's Value Trap

The Weekly Market Monitor! Start your week in financial markets, with some of last week’s biggest surprises, stories and charts.

Jeroen Blokland

The Great Portfolio Rebalance Will Accelerate in 2024: Part 1 – China Wants Less US Debt

China wants to further diversify its foreign reserve holdings, which likely means less US Treasuries and more Gold buying.

Jeroen Blokland

Economists See China Focusing More on Growth Next Year After Key Meeting

China’s top policymakers emphasized economic growth and signaled stronger fiscal support when they met Monday and Tuesday to chalk out plans for...

Caixin Global