Founder of Antler Capital

Stanley Tsai, CFA

Stanley has over 20 years of capital markets experience on the buy side and sell side and as a credit analyst. He is the founder of Antler Capital, the culmination of his efforts to deliver differentiated solutions to global investors since 2021.

From 2017 to 2021, he was a Managing Director at CSPI Ratings, a credit rating agency servicing the USD bond market. He also led the firm’s efforts in sustainable finance.

Prior to that, he held various roles at Keefe, Bruyette & Woods, Nighthawk Capital, CLSA and Fitch Ratings. He was also an advisor at WWF, supporting the organization’s bankable nature solutions program.

Stanley has an honors degree in Finance from the University of British Columbia. He has been a CFA charterholder since 2004.

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Macroeconomics

<ul>
<li>The slightly weaker-than-expected inflation numbers for Jan represent a delay and not a detour from the broader reopening story. Investors will likely benefit from improved visibility in the months ahead. </li>
<li>The recovery in the PPI has been dragged by upward sticky factory gate prices for smaller producers downstream. This is consistent with our analysis of the Jan PMI.</li>
<li>A sustained improvement in consumer activity will likely drive PPI up to 0% and CPI to 2.5% by March.</li>
</ul>


The slightly weaker-than-expected inflation numbers for Jan represent a delay and not a detour from the broader reopening story. Investors will likely benefit from improved visibility in the months ahead. 
The recovery in the PPI has been dragged by upward sticky factory gate prices for smaller producers downstream. This is consistent with our analysis of the Jan PMI.
A sustained improvement in consumer activity will likely drive PPI up to 0% and CPI to 2.5% by March.


Hang Seng China Enterprises Index (HSCEI INDEX)

Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX EQUITY)

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

Shenzhen Stock Exchange Composite Index (SZCOMP INDEX)

China Macro: Jan CPI / PPI | Much Better Visibility Ahead