Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Financial Conference / In Depth: China’s ambition to build a financial powerhouse</li><li><p>Law /: China to update state secrets law amid increase in spying</p></li><li><p>Personnel /: He Lifeng is running China’s two top new financial overseers</p></li></ul>

Financial Conference / In Depth: China’s ambition to build a financial powerhouseLaw /: China to update state secrets law amid increase in spyingPersonnel /: He Lifeng is running China’s two top new financial overseers

CX Daily: China’s Ambition to Build a Financial Powerhouse 

Macroeconomics

<ul><li>Activity in China’s manufacturing sector contracted in October for the first time in three months, dragged down by weak external demand, a Caixin-sponsored survey showed Wednesday.</li><li>The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the sector, fell to 49.5 in October from 50.6 the previous month.</li><li>An index reading above 50 signals an expansion in activity, while a number below that indicates a contraction.</li></ul>

Activity in China’s manufacturing sector contracted in October for the first time in three months, dragged down by weak external demand, a Caixin-sponsored survey showed Wednesday.The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the sector, fell to 49.5 in October from 50.6 the previous month.An index reading above 50 signals an expansion in activity, while a number below that indicates a contraction.

China Manufacturing Contracts for First Time in Three Months, Caixin PMI Shows  

Head of Research, Steno Research

Emil Moller

Head of Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Both Biden and Xi find themselves walking on thin ice as domestic economic challenges pose a significant challenge to their foreign policy goals.</li><li>Amidst the considerable volatility in risk assets and US Treasury bonds, we believe that commodities could present a favorable risk-reward opportunity.</li><li>Our forecast of a possible recession is further complicated by price pressures arising from the pending restocking and the geopolitical risksIt’s hard to overlook the remarkable resilience of the US economy and the current turbulence in global bond markets.</li></ul>

Both Biden and Xi find themselves walking on thin ice as domestic economic challenges pose a significant challenge to their foreign policy goals.Amidst the considerable volatility in risk assets and US Treasury bonds, we believe that commodities could present a favorable risk-reward opportunity.Our forecast of a possible recession is further complicated by price pressures arising from the pending restocking and the geopolitical risksIt’s hard to overlook the remarkable resilience of the US economy and the current turbulence in global bond markets.

EM by EM #26: Biden, Blinken, Barrels & Beijing

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

<ul>
<li>Contrary to many other Sentiment Indicators - which we don’t really understand - our Fear &amp; Frenzy Sentiment Index has moved into ‘Frenzy.’</li>
<li>China is considering launching a state-backed stabilization fund to boost the Chinese stock market. We show what happened the last time China came up with a similar move. </li>
<li>Even though headline and core inflation were close to expectations, the underlying data signals trouble. Powell’s favorite CPI measure, SuperCore inflation, rose 7.6% on an annualized basis in September. </li>
</ul>


Contrary to many other Sentiment Indicators - which we don’t really understand - our Fear &amp; Frenzy Sentiment Index has moved into ‘Frenzy.’
China is considering launching a state-backed stabilization fund to boost the Chinese stock market. We show what happened the last time China came up with a similar move. 
Even though headline and core inflation were close to expectations, the underlying data signals trouble. Powell’s favorite CPI measure, SuperCore inflation, rose 7.6% on an annualized basis in September. 


The Weekly Market Monitor – Bad Inflation + Bad Sentiment = Bad Bounce?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Persistent overcapacity in industry and real-estate has resulted in a spreading crisis among  shadow-banks, as many of them begin defaulting on investment products (pseudo-deposits). Moral hazard rules out government rescues. </li>
<li>As global supply chains abandon China-centricity, exports continue losing global market share. But with domestic demand weak, the annualized trade surplus is US$900bn, much of it leaking as capital flight. </li>
<li>FAI is decelerating (adjusting to industrial capacity). Shrinking working age population requires productivity to be main driver of growth. Japanified decade ahead likely, but with RGDP growth settling at 3%. </li>
</ul>


Persistent overcapacity in industry and real-estate has resulted in a spreading crisis among  shadow-banks, as many of them begin defaulting on investment products (pseudo-deposits). Moral hazard rules out government rescues. 
As global supply chains abandon China-centricity, exports continue losing global market share. But with domestic demand weak, the annualized trade surplus is US$900bn, much of it leaking as capital flight. 
FAI is decelerating (adjusting to industrial capacity). Shrinking working age population requires productivity to be main driver of growth. Japanified decade ahead likely, but with RGDP growth settling at 3%. 


China's Slow-Burning Financial Crisis Worsens Amid Persistent Overcapacity

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China Treasury (CHINA GOVT)

CX Daily: China’s Ambition to Build a Financial Powerhouse

Financial Conference / In Depth: China’s ambition to build a financial powerhouse Law /: China to update state secrets law amid increase in...

Caixin Global

China Manufacturing Contracts for First Time in Three Months, Caixin PMI Shows

Activity in China’s manufacturing sector contracted in October for the first time in three months, dragged down by weak external demand, a...

Caixin Global

EM by EM #26: Biden, Blinken, Barrels & Beijing

Both Biden and Xi find themselves walking on thin ice as domestic economic challenges pose a significant challenge to their foreign...

Steno Research

The Weekly Market Monitor – Bad Inflation + Bad Sentiment = Bad Bounce?

Eurozone Equities are pricing in a massive improvement of the Credit Impulse (change in credit growth relative to GDP) that is unlikely to...

Jeroen Blokland

China's Slow-Burning Financial Crisis Worsens Amid Persistent Overcapacity

With trust companies defaulting, & Country Garden narrowly averting default, China's slow-burning financial crisis is speeding up. Overcapacity...

Prasenjit K. Basu

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