Monetary policy may stay stable in the future China Chartbook – 4Q 2020 Macroeconomics Key views Regarding economic cycles, we expect demand to catch up with supply more quickly thanks to the multiplier effect. Consumption and manufacturing investment are expected
With a new US administration on the horizon, we spoke with David Metzner from the independent research firm ACG Analytics about what to expect from the new administration when it comes to China and Chinese companies. While a broad-scale pullback
We expect Chinese economic recovery to remain on track with strengthening endogenous momentum. China continued its economic recovery in 3Q but the drivers were different from those in 2Q: infrastructure investment growth slowed on the margin, while manufacturing investment growth
The bond market in China has been bullish after the COVID-19 pandemic outbreak, and China’s interest rate bonds have clearly outperformed global major assets. However, the global major asset prices started to surge in May and global equity market has
We foresee modest global recovery in 2H20, with China growth outpacing that of the US & EU. We expect China GDP growth to rebound to approximately 6% YoY in 4Q20, but the impacts of the U.S. COVID-19 continuing outbreak remain
Global economy: still a long way from normalization A webinar presentation by CICC’s Eva Yi & KraneShares’ Brendan Ahern
Investment Strategy: KWEB seeks to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors. KWEB features: Access to Chinese internet companies that provide similar services
Overseas economic activities may remain in a “standstill” mode throughout most of 2Q2020, adversely affecting China’s external demand growth. In terms of the timeline of the COVID-19 development, the U.S. and EU lag China by ~2-3 months, while some of
Markets will discern winners from losers. China has not yet lowered its 2020 GDP targets despite what will be very disappointing Q1 economic data. Within China, firms related to “Old China” economic sectors and their underlying stocks such as transportation,
What happened in the past month? Domestic production resumption rate recovered to 86.8% from 65.7% in March. On the other hand, however, external demand started to weaken, with the pandemic escalating rapidly overseas. As of March 27, CICC PAT showed
After nearly two months of strict containment in response to the coronavirus outbreak, life in China is returning to normal as the number of cases and the spread of the virus are in decline. Nonetheless, some elements of life under
Talking Points on China's Experience with COVID-19: What IS and IS NOT applicable to the US What IS NOT applicable to the United States What IS NOT applicable to the United States COVID-19 (Coronavirus) began in Wuhan, which is the capital
Containment continues to tighten ; great liquidity stress forces policy action I. COVID-19 update Overseas: COVID-19 continued to spread rapidly in the US & EU; +14,717 new cases overseas; Iran showed early signs of entering the “moderation stage ”. 1,835 new
What happened in the past month? The COVID-19 containment measures muted economic activity visibly; capacity utilization on an uptrend since mid-Feb. External demand uncertainties rising. NBS manufacturing PMI fell sharply to 35.7% in February, registering a new record low. On
Markets will discern winners from losers. China has not lowered its 2020 GDP targets despite what will be very disappointing Q1 economic data. Within China, firms related to “Old China” economic sectors and their underlying stocks such as transportation, brick-and-mortar
Key views Growth: We revise up China real GDP growth forecast to 6.1% YoY in 2020 vs. 5.9% YoY previously considering potential de-escalation of China-US trade tensions and more decisive counter-cyclical efforts in China. Inflation: The potential “deal” between
What happened in the past month? Global trade growth continues to improve, riding on the tailwind of monetary easing earlier in the year and the recent de-escalation of China-US trade tension. On the domestic front, stronger infrastructure FAI and still-resilient
External demand showed early signs of recovery; domestic construction activity growth came in stronger than expected. Nov MTD IPP coal consumption growth remained high at 15.8% YoY despite a warmer Nov this year. Capacity utilization rates of steel, coal and
Charting China Monthly Review What happened in the past month? External demand showed early signs of recovery; domestic construction activity growth came in stronger than expected. Nov MTD IPP coal consumption growth remained high at 15.8% YoY despite a warmer Nov this year.
Most global investors have not yet considered their China fixed income allocation. China is the second-largest bond market in the world at $13 trillion.1 The 10-year China government bond yields 3.2% compared to 1.8% in the US and -0.5% in
Activity indicators stabilized but remained at relatively weak levels. Pork price gapped up after the October 1 holidays. Oct. Mtd IPP coal consumption growth rose to 19.9% YoY from 5.2% YoY in Sept on a low base, but industrial utilization
Growth momentum decelerated more notably in 3Q. The rebound in IP & consumption growth in September from the rapid decline in July-August may not sustain. Although September TSF and M2 growth exceeded market expectation, the rebound may have largely been
IP growth edged up from the lows in July-August, but remained relatively weak. 3Q GDP growth tracks lower. Demand indicators appear to be stabilizing at a relatively weak level. Following the weak IP growth (4.4% & 4.8% YoY) in July-August,
What happened in the past month? IP growth edged up from a low level but remained sluggish; domestic demand indicators weakened further in Aug, esp. property-related ones. CICC China CMI points to softening domestic demand growth but a mild uptick
What happened in the past month? High frequency data points to retreat in both IP and retail sales growth in July. Property and land markets soften. July IPP coal consumption growth declined to -16% YoY from -10% YoY in June.
Charting China Monthly Review What happened in the past month? High frequency data points to retreat in both IP and retail sales growth in July. Property and land markets soften. July IPP coal consumption growth declined to -16% YoY from
What happened in the past month? Industrial activity growth appears to have recovered moderately from the weak growth in May. Property transaction volume in large cities held up. IPP coal consumption growth recovered to -9% YoY in June from -19%
What happened in the past month? Industrial activity growth appears to have softened in May – domestic construction activities remained stable while export demand dropped sharply after the US tariff hike on May 10. Property transaction volume held up in
Strategic asset allocation is the bedrock of investing, employed by professional investors around the world. For asset allocation to work, the portfolio manager needs well defined asset classes that have their own unique characteristics and complement one another. Thirty years
"Has the tide finally turned for #emergingmarkets #equities after a decade of trailing #US markets? It’s a question we often hear." 5 reasons why EM equities could power ahead in #2021 by @CapitalGroup -> https://www.opiniopro.com/2021/02/capital-group/5-reasons-why-em-equities-could-power-ahead-in-2021/
The underperformance of Value vs. Growth stocks explained
From the winter edition of our VBA Journaal, written by Jeroen Kakebeeke RBA, Investment Risk Manager at PGGM
#valueinvesting #growthinvesting
https://nieuws.cfavba.nl/publicaties/the-underperformance-of-value-vs-growth-stocks-explained/4a37e54d-5361-11eb-8a1e-005056b303d3
Reflation, Flation, What’s Your Nation? https://www.etftrends.com/model-portfolio-channel/reflation-flation-whats-your-nation/ #ETF #tracker
