In today’s briefing:
- Substance of Debt Ceiling Deal Has Implications for Banking System and Sovereign Backstop
- The Week That Was in ASEAN@Smartkarma – GoTo’s Initiatives, Berli Jucker & Big C IPO, and Indocement
- Make or break time for Gold // Goldman Sachs has no feeling for timing oil trades
- CX Daily: China’s Tobacco Monopoly Is Swept Up in Corruption Probes
Substance of Debt Ceiling Deal Has Implications for Banking System and Sovereign Backstop
- Since 1995, US equity prices have displayed a remarkable resilience to political impasses in raising the debt ceiling. Dysfunctional fiscal policy can have unintended consequences, such as sovereign debt downgrades.
- Elevated levels of bond holdings in the US banking system mean that profligate US fiscal policy could raise issues about the quality of the sovereign backstop.
- US banks are still losing deposits to money market funds as banks struggle to adjust to a higher cost of funding environment. Commercial real estate lending has softened since March.
The Week That Was in ASEAN@Smartkarma – GoTo’s Initiatives, Berli Jucker & Big C IPO, and Indocement
- The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
- The past week saw insights on GoTo‘s Ongoing Initiatives towards profitability, Berli Jucker‘s moves towards a Big C Retail IPO, Inducement’s strong bulk performance, and Indo Tambangraya Megah (ITMG IJ).
- There were also insights on Thai Foods Group, CP FOODS, Mitra Keluarga Karyasehat, Singapore-listed Tourism& Hospitality, and a credit insight on Medco Energi (MEDC IJ).
Make or break time for Gold // Goldman Sachs has no feeling for timing oil trades
- While the Flash Manufacturing PMI came in lower than expected at 48,5 (50,0 expected), the Flash Service PMI came in once again higher than expected at 55,1 (52,6 expected)
- Prometheus Research shared this overview with us that highlights that the Service sector continues to hold this economy up.
- The majority of service businesses continue to stay in the growing territory – this needs to change before we actually see a recession in the service sector as well. Keep in mind that the Manufacturing sector in the US accounts for “only” 11% of GDP!
CX Daily: China’s Tobacco Monopoly Is Swept Up in Corruption Probes
Tobacco / Cover Story: China’s tobacco monopoly is swept up in corruption probes
Workers / Eastern province eases upper age limit for construction workers amid labor shortage
Moon / China plans first crewed moon landing by 2030
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