In today’s briefing:
- The Week That Was in ASEAN@Smarkarma – Sea Ltd & TikTok’s Trouble, Astra Building EVs, and AKRA.
- Data Dependent Financial Markets Risk Losing Sight of Bigger Issues
- Pasta & Economic Activity
- Conclusion on Services Week: Our Take on Equities and the Labor Market
- Steno Signals #64 – The one on ESG-flation, oil and other tangibles
- CX Daily: Public Security Penalty Expansion Risks ‘Abuse Of Power,’ Legal Experts Say
- Malaysia Economics: As Winds Blow in Malaysia’s Favour, Gov’t Sets Out Policy Vision
The Week That Was in ASEAN@Smarkarma – Sea Ltd & TikTok’s Trouble, Astra Building EVs, and AKRA.
- The Past week saw insights on Sea (SE US), Astra International (ASII IJ), AKR Corporindo (AKRA IJ), VNG (VinaGame) (VNG US) IPO, and Metro Pacific Investments Co (MPI PM).
- There were also insights on Vietnam’s latest index rebalance together with Singapore’s macro and politics plus an update on ASEAN Fintech Unicorns.
- 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.
Data Dependent Financial Markets Risk Losing Sight of Bigger Issues
- Financial markets and central banks are addicted to data dependency, but they both risk losing sight of bigger structural issues that could have greater consequences for investors .
- Economic outlooks vary on a cross-border basis, but the mainstream financial media have become obsessed with China’s real estate issues and, consequently, pushed for Western-style stimulus.
- The narrative about China’s outlook is overly-pessimistic. Sino-US relations will be impacted by Taiwan’s Presidential Election in January. Arguably, bad outcomes in Asia remain the biggest undiscounted risks for investors.
Pasta & Economic Activity
- While financial stability considerations have become more prevalent, financial conditions are not easy to define and measure
- Broad measures of financial and financial market conditions, like pasta, come in many different shapes and sizes
- I harness my Financial Market Conditions Index to tease out the likely imprint on the US economy
Conclusion on Services Week: Our Take on Equities and the Labor Market
- Welcome back to another piece in our Services Week, where we have a look at what the development in services and manufacturing PMIs might mean for markets, and give you our take on where we are heading, as well as where low-hanging fruits are.
- Today we have made our way to equity markets, which in their current state look to have a hard time figuring out in which direction they are heading.
- The start of a weakening of the labor market had markets rallying, while stronger-than-expected PMIs and unit labor costs pushed the market in the other direction.
Steno Signals #64 – The one on ESG-flation, oil and other tangibles
- Welcome to our weekly flagship editorial.
- Remember that you can always follow our portfolio live right here.
- As per usual, this is where you will get the unbiased and uncensored macro strategy that will hopefully allow you to make profitable investment decisions going forward.
CX Daily: Public Security Penalty Expansion Risks ‘Abuse Of Power,’ Legal Experts Say
- Law /: Public security penalty expansion risks ‘abuse of power,’ legal experts say
- China-ASEAN /: China wants an East Asia supply chain ‘matchmaking conference’ next year
- Hydrogen /Analysis: China’s largest green hydrogen mega project hints at vast potential
Malaysia Economics: As Winds Blow in Malaysia’s Favour, Gov’t Sets Out Policy Vision
- Malaysia’s government has released a slate of key policy documents that outline its strategy to overcome the middle-income trap and create renewed growth momentum.
- The Madani Economic Narrative integrates top-down improvements in economic competitiveness and bottom-up measures in social policy. Other documents on industrial policy and energy transition show welcome ambitions.
- Early successes in attracting investments are potent building blocks for follow-on action by the government and businesses. A renewed momentum for growth is on the horizon.
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