Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Macroeconomics

<ul>
<li>Qingming holiday sending surpasses  2019 levels on an absolute and per capita basis</li>
<li>A further relaxation of housing measures spurs increased mortgage demand</li>
<li>Two steps forward, one step back -typical signs of a bottoming-out economy.</li>
</ul>


Qingming holiday sending surpasses  2019 levels on an absolute and per capita basis
A further relaxation of housing measures spurs increased mortgage demand
Two steps forward, one step back -typical signs of a bottoming-out economy.


Chinese Data Continues to Improve Incrementally

Founder of Antler Capital

Stanley Tsai, CFA

<ul>
<li>In the absence of an outright LPR cut later this month, the latest RRR move's impact on the real economy may be rather modest. </li>
<li>Assuming CNY500bn of MLFs will be withdrawn in the coming months, the net injection this time around is CNY700bn, about 40% of an average month's new loans.</li>
<li>We would watch out for a potential bubble in the onshore credit market before incremental liquidity benefits the broader economy.</li>
</ul>


In the absence of an outright LPR cut later this month, the latest RRR move's impact on the real economy may be rather modest. 
Assuming CNY500bn of MLFs will be withdrawn in the coming months, the net injection this time around is CNY700bn, about 40% of an average month's new loans.
We would watch out for a potential bubble in the onshore credit market before incremental liquidity benefits the broader economy.


China Macro: RRR Cuts' Diminishing Impact

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.

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Cross Asset Strategy

<ul><li>Trump 2.0 means reboot of aggressive tariff policy toward China</li><li>TSMC suspends shipments of more advanced chips to mainland clients, sources say</li><li>State-owned China COSCO Shipping Corp. Ltd. has opened a new sea-land route that reduces the time it takes to transport goods from China to Europe by one-fifth</li></ul>

Trump 2.0 means reboot of aggressive tariff policy toward ChinaTSMC suspends shipments of more advanced chips to mainland clients, sources sayState-owned China COSCO Shipping Corp. Ltd. has opened a new sea-land route that reduces the time it takes to transport goods from China to Europe by one-fifth

CX Daily: Trump 2.0 Means Reboot of Aggressive Tariff Policy Toward China 

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

<ul><li>Odd Lots podcast discusses trade tensions between the US and China, drawing parallels to past trade conflicts with Japan</li><li>Pop culture references and historical anecdotes provide context for current trade disputes</li><li>Guest Stephen Roach, a senior fellow at Yale Law School and former chairman of Morgan Stanley Asia, offers insights on the errors of current approach to China</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Odd Lots podcast discusses trade tensions between the US and China, drawing parallels to past trade conflicts with JapanPop culture references and historical anecdotes provide context for current trade disputesGuest Stephen Roach, a senior fellow at Yale Law School and former chairman of Morgan Stanley Asia, offers insights on the errors of current approach to ChinaThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Stephen Roach Warns of Disaster From Our 'Sinophobic' China Policy

<ul>
<li>Property restrictions removed in major cities, continuing the gradual process from the last 6-8 months</li>
<li>A BIG signal to the market and the public with the relaxation of curbs in Beijing </li>
<li>China's factory output continues expansion and travel data positive for consumption</li>
</ul>


Property restrictions removed in major cities, continuing the gradual process from the last 6-8 months
A BIG signal to the market and the public with the relaxation of curbs in Beijing 
China's factory output continues expansion and travel data positive for consumption


China Ups the Ante with Relaxation of Property Curbs

China

Shenzhen Composite Index is an actual market-cap weighted index (no free float factor) that tracks the stock performance of all the A-share and B-share lists on Shenzhen Stock Exchange. The index was developed on April 3, 1991 with a base price of 100. 

Shenzhen Stock Exchange Composite Index (SZCOMP INDEX)

Shenzhen Stock Exchange Composite Index (SZCOMP INDEX)

Chinese Data Continues to Improve Incrementally

Chinese consumer confidence rising as Qingming holiday spending surpasses 2019 levels, and increased mortgage demand seen due to housing measures...

Rikki Malik

China Macro: RRR Cuts' Diminishing Impact

In the absence of an LPR cut, the impact of the latest RRR move may be limited. We estimate that net of MLF maturities, the liquidity boost is...

Stanley Tsai, CFA

CX Daily: Trump 2.0 Means Reboot of Aggressive Tariff Policy Toward China

As the 78-year-old Republican prepares to lead a deeply divided nation, all eyes are on the critical decisions shaping his second-term...

Caixin Global

Stephen Roach Warns of Disaster From Our 'Sinophobic' China Policy

The Odd Lots podcast examines US trade tensions with China by comparing them to past trade tensions with Japan in the 1980s, discussing the...

Odd Lots

China Ups the Ante with Relaxation of Property Curbs

The relaxation of property curbs in Beijing is a massive positive signal to the market and is not to be underestimated. Other data from China...

Rikki Malik

Chinese Data Continues to Improve Incrementally

Chinese consumer confidence rising as ​Qingming holiday spending surpasses 2019 levels, and increased mortgage demand seen due to housing measures...

Rikki Malik

China Macro: RRR Cuts' Diminishing Impact

In the absence of an LPR cut, the impact of the latest RRR move may be limited. We estimate that net of MLF maturities, the liquidity boost is...

Stanley Tsai, CFA

CX Daily: Trump 2.0 Means Reboot of Aggressive Tariff Policy Toward China

As the 78-year-old Republican prepares to lead a deeply divided nation, all eyes are on the critical decisions shaping his second-term...

Caixin Global

Stephen Roach Warns of Disaster From Our 'Sinophobic' China Policy

The Odd Lots podcast examines US trade tensions with China by comparing them to past trade tensions with Japan in the 1980s, discussing the...

Odd Lots

China Ups the Ante with Relaxation of Property Curbs

The relaxation of property curbs in Beijing is a massive positive signal to the market and is not to be underestimated. Other data from China...

Rikki Malik

Chinese consumer confidence rising as Qingming holiday spending surpasses 2019 levels, and increased mortgage demand seen due to housing measures...