- The PBoC kept one-and five-year LPRs steady in December, after standing pat on MLF rates earlier.
- Japan’s exports dipped back into negative growth in November following two months of expansion.
- Exports to the US and EU slowed significantly, while car exports continue to grow, albeit less strongly.
Kelvin Lam (Senior China+ Economist)China+
China keeps lending rates steady; Japan's exports shrink for the first time in 3 months
Kelvin Lam (Senior China+ Economist)China+
- China’s FX reserve jump reflects reduced capital outflow pressure, as the dollar weakens and U.S. yields fall
Kelvin Lam (Senior China+ Economist)China+
- October’s industrial profit recovery was slower than expected, due to base effects and rising costs.
- Fading reflation impetus from producer prices also contributed; manufacturing sector profits improved.
- While October’s data is more upbeat than the year- over-year data implies, the recovery remains bumpy.
Kelvin Lam (Senior China+ Economist)China+
The slower than expected improvement in industrial profits was likely due to base effects and faster rise in operating costs
Kelvin Lam (Senior China+ Economist)China+
Japan’s headline inflation rose for the first time in four months, driven by accelerating energy, services and fresh food inflation
Kelvin Lam (Senior China+ Economist)China+
Japan’s headline inflation rose for the first time in four months, driven by accelerating energy, services and fresh food inflation
Japanese manufacturing activity is hit by fading demand and production
Services activity is holding up, despite sagging new export orders
Kelvin Lam (Senior China+ Economist)China+
- - CHINA USES TARGETED STIMULUS TO PROP UP GROWTH
- - BOJ SIGNALS READINESS TO EXIT EASY POLICY
- - BOK WILL BE LATE TO THE PARTY
Kelvin Lam (Senior China+ Economist)China+
- In one line: Korea’s chip export values grow for the first time in 13 months
Kelvin Lam (Senior China+ Economist)China+
- Korea’s 20-day exports continue to recover, but growth in shipment values slowed in November.
- Intra-regional exports are falling, bar those to China; Vehicles exports remain the main upward driver.
- We expect Korean exports to recover only gradually on a soft global outlook and uneven chip demand.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s Q3 real GDP was weaker than expected, due to slower inventory growth and a rising deflator.
- Private domestic demand remains sluggish, with consumption and investment missing expectations.
- Interest rates will be kept low for longer, effectively delaying the end of the negative rate policy to Q2.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s export growth moderated in October on softer demand from key markets
- China’s house price fall steepened in October, with renewed price fall observed in tier-one cities
Kelvin Lam (Senior China+ Economist)China+