Trade War/Interest Rates/Hong Kong/Shenzhen Model

Geopolitical Comment: Time to Stop Following Trump's Vacillations and Focus on Longer View Instead

Trade War/Consumption/Financial Risk/Social Credit System/Hong Kong

Greater Bay Area Initiative - Viablity & Investor Implications, Part II

Greater Bay Initiative - Upping Integration, Part 1

Trade War/Star/Lending Rates/Financial Opening/Space Rockets

Deputy Chief Economist

Sharmila Whelan

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<p>We are underweight Hong Kong and overweight Taiwan equities. The economic costs of the deepening political crisis in Hong Kong is yet to feed through in GDP estimates but they are mounting. Taiwanese economic activity is picking up buoyed by strengthening domestic demand and exports.</p>

We are underweight Hong Kong and overweight Taiwan equities. The economic costs of the deepening political crisis in Hong Kong is yet to feed through in GDP estimates but they are mounting. Taiwanese economic activity is picking up buoyed by strengthening domestic demand and exports.

MSCI AC Asia ex Japan Index (MXASJ INDEX)

Underweight Hong Kong, Overweight Taiwan