We recently visited Cambodia and met with public- and private-sector institutions
• Cambodia is attracting international manufacturers seeking to diversify from China and other countries
• Low labour costs, geographical advantage and pro-FDI polic...
• The BoJ kept monetary policy unchanged on 30 April, in line with consensus
• The BoJ extended the timeframe for achieving the 2% inflation target to H1-FY16
• We believe that the BoJ will need to ease further in H2-2015 if it is to achieve its i...
• GDP growth slowed further to 7.0% y/y in Q1, with few signs of a quick turnaround
• Investment appears to be driving the downtrend; downside risk to our 2015 GDP growth forecast of 7.1%
• We forecast one rate cut and one RRR cut by mid-2015, fol...
• We analyse seven risks and seven opportunities in detail, exploring potential triggers as well as economic and market implications.
• We also asked our research heads to pick the three biggest risks and three most likely opportunities and find th...
• MAS keeps SGD NEER policy band’s slope, width and centre unchanged, after easing in January
• GDP growth surprised positively in Q1, and is likely to improve as the year progresses
• We expect a gradual move higher in USD-SGD (Q2: 1.39), driven ...
Our clients are optimistic – 78% expect better or similar growth prospects versus last year
• They expect BSP to keep policy rates unchanged, versus our call of a rate hike in Q4-2015
• Only 13% expect a stronger PHP versus the USD (below 44.00) b...
• RGI rose 2.3% m/m in January, the fastest gain in eight months; index shows steady momentum
• We see upside risk to USD-CNY in the near term; band widening is unlikely until at least H2-2015
• Shanghai FTZ spearheads capital account liberalisati...
We expect Malaysia’s growth to slow to 5% in 2015 (2014: 6%)
We factor in a potential slowdown, but 5% is still close to its long-term average growth rate
We think the C/A will face headwinds; we expect a surplus of only 2.5% of GDP in 2015 (previ...
A pick-up in core inflation from current low levels is key to the timing of the first rate hike, in our view
• We still expect the first hike in September after core PCE inflation bottoms this summer
• The Fed may be underestimating the pass-throu...
• Private consumption is likely to anchor domestic growth amid external volatility
• A lower unemployment rate and more full-time employment are likely to boost income and consumption
• Trend growth could improve by 0.1ppt if 1ppt of those not in ...
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