Independent Insight Provider

Stewart Paterson

Taurus Advisors LLP

Macroeconomics

Having broken convincingly through 100, the DXY (trade weighted dollar index) has pulled back in the past few days to test its break. The Italian referendum, as expected, produced a bad outcome for believers in the single European currency but as it turns out it was so widely expected that it triggered short covering in the Euro. I would highlight a few data points in the next few days that may add to dollar strength, cement the break-out in the DXY and lead to an acceleration in the up-trend in…

Having broken convincingly through 100, the DXY (trade weighted dollar index) has pulled back in the past few days to test its break. The Italian referendum, as expected, produced a bad outcome for believers in the single European currency but as it turns out it was so widely expected that it triggered short covering in the Euro. I would highlight a few data points in the next few days that may add to dollar strength, cement the break-out in the DXY and lead to an acceleration in the up-trend in…

Money Matters: Short-Term Dollar Catalysts.

Over the past five years or so, since the RMB moved into over-valuation territory, there has been a consistent and inverse relationship between the RMB and US bond yields. RMB strength has been associated with rising US bond yields while RMB weakness has been associated with falling bond yields. The rationale should be apparent but as RMB weakness is associated with the potential for Chinese exporters to lower their USD prices (and incidentally reduce Asian corporate earnings outside of China)…

 Over the past five years or so, since the RMB moved into over-valuation territory, there has been a consistent and inverse relationship between the RMB and US bond yields. RMB strength has been associated with rising US bond yields while RMB weakness has been associated with falling bond yields. The rationale should be apparent but as RMB weakness is associated with the potential for Chinese exporters to lower their USD prices (and incidentally reduce Asian corporate earnings outside of China)…

Money Matters: US Bond Yields & USD/RMB - A Paradigm Shift?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

§  As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21 November.§  Biggest volume surges were generated by Genting Singapore PLC which traded almost 5x its average volume on Monday, and StarHub which traded 4x its average volume on Monday – then 3x its average volume on Tuesday.§  The 9 Stocks, which represent five Sectors have together averaged a 1.5% gain in the November MTD, bringing their 2016 YTD average…

§  As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21 November.§  Biggest volume surges were generated by Genting Singapore PLC which traded almost 5x its average volume on Monday, and StarHub which traded 4x its average volume on Monday – then 3x its average volume on Tuesday.§  The 9 Stocks, which represent five Sectors have together averaged a 1.5% gain in the November MTD, bringing their 2016 YTD average…

Nine STI Stocks See Volume Surge in Early Week

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Most investors probably agree that it would be foolhardy to ignore China's strategic policy-driven investment, behind which sits a wealth of resources.  Yet surprising US election results and worries about mounting debt among domestic Chinese corporations and local governments have diverted focus away from one of the largest drivers of Chinese investment.  To kick off our analysis of China's "One Belt One Road" initiative, we outline briefly in qualitative terms why the "One Belt One Road" initiative meets many Chinese strategic policy criteria and is thus likely to remain a complementary external pillar to China's ongoing domestic policy agenda.In subsequent pieces, we will focus on financial flows into OBOR, and identify areas wherein investors might seek exposure to the benefits of rising OBOR investment.

Most investors probably agree that it would be foolhardy to ignore China's strategic policy-driven investment, behind which sits a wealth of resources.  Yet surprising US election results and worries about mounting debt among domestic Chinese corporations and local governments have diverted focus away from one of the largest drivers of Chinese investment.  To kick off our analysis of China's "One Belt One Road" initiative, we outline briefly in qualitative terms why the "One Belt One Road" initiative meets many Chinese strategic policy criteria and is thus likely to remain a complementary external pillar to China's ongoing domestic policy agenda.In subsequent pieces, we will focus on financial flows into OBOR, and identify areas wherein investors might seek exposure to the benefits of rising OBOR investment.

Friday saw the release of the Monthly Chinese monetary aggregates. M2 rose 11.6% year-over-year. Although this is one the lowest percentage growth rates in the past 20 years, the money stock is now so huge that the incremental growth remains outsized relative to both GDP and (form an FX point of view ) the equivalent growth in the USA. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/341/original/China-M2-growth-YoY-Last-Price_chartbuilder.png?1479113085" class="editor-image img-responsive" data-smartkarma-image-id="16341"></figure>Over the past 12 months China's money stock has risen from RMB136tr to RMB152tr (USD22.3tr at current fx rates) a growth of RMB16tr (USD2.35tr) in an economy that…

Friday saw the release of the Monthly Chinese monetary aggregates. M2 rose 11.6% year-over-year. Although this is one the lowest percentage growth rates in the past 20 years, the money stock is now so huge that the incremental growth remains outsized relative to both GDP and (form an FX point of view ) the equivalent growth in the USA. Over the past 12 months China's money stock has risen from RMB136tr to RMB152tr (USD22.3tr at current fx rates) a growth of RMB16tr (USD2.35tr) in an economy that…

Money Matters: Chinese Monetary Aggregates Point to Accelerating RMB Weakness.

Singapore

United Overseas Bank is a leading Asian bank offering a comprehensive range of financial services across its Group Retail, Group Wholesale Banking, and Global Markets segments. Its offerings include personal, private, commercial, and corporate banking, investment banking, asset management, and insurance services. The bank is headquartered in Singapore and was founded in 1935.

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United Overseas Bank (UOB SP)

Money Matters: Short-Term Dollar Catalysts.

Having broken convincingly through 100, the DXY (trade weighted dollar index) has pulled back in the past few days to test its break. The Italian...

Stewart Paterson

Money Matters: US Bond Yields & USD/RMB - A Paradigm Shift?

Over the past five years or so, since the RMB moved into over-valuation territory, there has been a consistent and inverse relationship between...

Stewart Paterson

Nine STI Stocks See Volume Surge in Early Week

§ As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21...

Singapore Exchange Ltd (SGX)

Silk Roads Part I: Background

Most investors probably agree that it would be foolhardy to ignore China's strategic policy-driven investment, behind which sits a wealth of...

Naomi Fink

Money Matters: Chinese Monetary Aggregates Point to Accelerating RMB Weakness.

Friday saw the release of the Monthly Chinese monetary aggregates. M2 rose 11.6% year-over-year. Although this is one the lowest percentage growth...

Stewart Paterson

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