In today’s briefing:
- Global Liquidity … Still Rising?
- Out of the Box #11 – Sticky Is the New Transitory – Watch Series
- The Week That Was in ASEAN@Smartkarma – Ace Hardware Shines, Alfamart’s New Quest, and SCMA for 2H23
- EM BY EM #11 Hangover After the Gold Rush? – Steno Signals
Global Liquidity … Still Rising?
- Global Liquidity matters hugely for World financial markets. Although Fed Liquidity is slowing, there are compelling signs that liquidity is rising elsewhere
- Foreign holdings of US dollars are expanding once again, as flow migrate towards Asia. Many policy makers are monetizing these inflows.
- China’s PBoC stepped up her liquidity injections, adding RMB 1 trillion to money markets through June. This should have a positive effect on the Chinese and World economies
Out of the Box #11 – Sticky Is the New Transitory – Watch Series
- We take a look at the inflation in necessities and whether it is fair to assume that sticky inflation has become the new transitory.
- The peak hours 4-5 pm were priced at -1000 DKK/MWh in West Denmark and close to -1900 EUR/MWh just south of the border in Germany.
- These are unprecedented price levels and complete uncharted territory for electricity prices.
The Week That Was in ASEAN@Smartkarma – Ace Hardware Shines, Alfamart’s New Quest, and SCMA for 2H23
- The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
- The past week saw insights on Ace Hardware Indonesia, Sumber Alfaria Trijaya (AMRT IJ), Medikaloka Hermina (HEAL IJ), AKR Corporindo, and PT Surya Citra Media (SCMA IJ).
- There were also insights on Panin Financial, Delta Electronics Thailand, Singapore Airlines (, Bangkok Bank, Krung Thai Bank (KTB TB), and a thematic insight on Asia Pacific Luxury Goods.
EM BY EM #11 Hangover After the Gold Rush? – Steno Signals
- Gold has managed to maintain its ground recently and remains above the $1900 level on the back of stronger-than-expected hard data on both sides of the Atlantic.
- But markets are of course forward-looking and though recent strength has offered some momentum and the “inevitable recession” keeps getting postponed, markets are nonetheless expecting inflation to decelerate and central banks to change course in the coming months.
- If so the historic downsizing of balance sheets will be done already (the temporary bottom was so far in during Q4-2022).
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