In one line: Japan's manufacturing PMI improves on higher output and weak JPY
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's manufacturing PMI improves on higher output and weak JPY; services activity expands amid higher cost pressure
Kelvin Lam (Senior China+ Economist)China+
- China’s structural problems, notably in the property sector, are limiting the efficacy of interest rate cuts.
- But varied public views on the management of bond yields hint at a broader internal policy debate.
- Labour-market issues are compounded by credit constraints for private firms, especially SMEs.
Duncan WrigleyChina+
- The BoJ is likely to keep the policy rate unchanged, as Japan hasn’t attained sustainable inflation yet.
- Broad wage growth is likely to lag strong pay rises at large employers, while consumption looks soft.
- But building pressure on JPY will probably force the Bank to strike a more hawkish tone on future rates.
Duncan WrigleyChina+
- China’s loan prime rates were left unchanged in April after the PBoC’s earlier decision to hold the MLF.
- The PBoC has less room to cut rates in the near term as market bets on a delayed Fed cut rate increase.
- Early Korean export data show strong memory-chip demand; US shipments remain solid.
Kelvin Lam (Senior China+ Economist)China+
In one line: Solid Korean 20-day export growth driven by chips demand
Kelvin Lam (Senior China+ Economist)China+
In one line: China's LPR remains unchanged in April
Kelvin Lam (Senior China+ Economist)China+
In one line: China's LPR remains unchanged in April; Solid Korean 20-day export growth driven by chips demand
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's inflation cools in March; the BoJ to stand pats next week
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's inflation cools in March; the BoJ to stand pats next week
Kelvin Lam (Senior China+ Economist)China+
- The steep decline in China’s new residential sales eased only a tiny bit in March.
- Developer funding is still under severe pressure; the 6,000-project whitelist offers limited help, so far.
- China’s residential sector faces a grinding recovery, despite flickers of life in Shanghai’s luxury market.
Duncan WrigleyChina+
In one line: Japanese exports grow sturdily in March, lifted by strong Chinese demand and a weak yen.
Kelvin Lam (Senior China+ Economist)China+
In one line: The BoK stays put as inflation remains elevated, no surprise to the market.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s exports grew solidly in March, thanks to burgeoning Chinese demand and a weaker JPY.
- Demand from the US and EU slowed, car-related shipments fell sharply, but chip exports soared.
- The export recovery will be safeguarded by the ICT upturn, while capital goods demand should improve.
Kelvin Lam (Senior China+ Economist)China+
- China’s Q1 GDP growth picked up, thanks to robust industrial output and consumer services spending.
- But a marked fall in industrial capacity utilisation points to burgeoning oversupply issues...
- …Fiscal stimulus should boost demand to mitigate the oversupply, eventually; meanwhile, PPI deflation.
Duncan WrigleyChina+
Chinese GDP beats expectations, despite an uneven recovery and looming oversupply issues
Duncan WrigleyChina+
- The PBoC left the MLF rate unchanged yesterday, likely wary of currency pressure.
- Social financing growth slowed in March, due to soft domestic demand and lower bond issuance.
- Government-bond issuance is likely to pick up in Q2, the key plank of short-term growth support.
Duncan WrigleyChina+
The PBoC keeps the MLF rate on hold, despite slowing credit growth
Duncan WrigleyChina+
The PBoC keeps the MLF rate on hold, despite slowing credit growth
Duncan WrigleyChina+
Disappointing credit data point to undercooked domestic demand, despite fiscal stimulus
Duncan WrigleyChina+
