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+
- Chinese domestic demand is buttressed by fiscal support
- Japan's weak Q3 GDP adds to the BoJ's headaches
Kelvin Lam (Senior China+ Economist)China+
- China’s exports extended their downward trend inOctober, due to weak G7 and regional demand.
- That said, real export demand for certain goods remains healthy, taking price effects into account.
- The good news is that imports rose unexpectedly, likely on rising stimulus-related demand.
Kelvin Lam (Senior China+ Economist)China+
- Chinese auto sales picked up in October, in a positive sign for consumer demand....
- ...But sluggish sentiment and a still-high savings rate point to a tepid recovery in 2024.
- Producer prices fell in October, due to excess capacity and soft demand, at home and abroad.
Kelvin Lam (Senior China+ Economist)China+
- China resumes consumer price deflation in October and is dragged down by food and core prices
- Producer prices fall at a faster pace, thanks to volatility in global energy and commodity prices
Kelvin Lam (Senior China+ Economist)China+
- Producer prices fall at a faster pace, thanks to volatility in global energy and commodity prices
Kelvin Lam (Senior China+ Economist)China+
- China FX reserves fall for the third straight month as capital outflow continues
Kelvin Lam (Senior China+ Economist)China+
- China saw a smaller decline of $13.8B in its FX reserves, to $3,101B, in October...
- ...Thanks to a less significant valuation effect and lower capital outflows via the Stock Connects.
- We expect capital outflows to moderate in Q4 as fundamentals strengthen on stimulus measures.
Kelvin Lam (Senior China+ Economist)China+
- Falling Chinese exports indicate weak global demand; Japanese wages pick up slightly
Kelvin Lam (Senior China+ Economist)China+
- China's industrial profits posted a second straight month of growth in September.
- Revenue is growing faster than costs, as demand and pricing power improve.
- Industrial profits should continue to improve in Q4, due to a gradual rebound in domestic demand.
Kelvin Lam (Senior China+ Economist)China+
- Korean exports rise in October for the first time in 12 months
Kelvin Lam (Senior China+ Economist)China+
