From the category archives:

Emerging Asia

Emerging Markets Daily – Asia Edition (12 March 2010)

14 March 2010

China — The UDIV boom is part of the stimulus plan, but an exit is likely to be gradual; Hong Kong — Unemployment rate likely to improve in Feb; India — The strong IP growth in Jan (by 16.7% YoY) strengthens our expectation of a policy rate hike; Indonesia — The S&P upgrade on FC rating to ‘BB’ was a widely expected catch-up move; Korea — We expect the jobless rate to decline in Feb to 4.4%; Malaysia — Inflation in Feb likely driven up; Singapore — Favorable base effects likely maintain the double-digit NODX growth in Feb; Taiwan — Gains in export orders likely to moderate to 21.8% YoY; Vietnam — Fitch’s timing of its move on Vietnam’s FC BB- rating to “negative watch” is driven by concern over the deterioration in the external financial position

Emerging Markets Daily- Asia Edition (11 March 2010)

11 March 2010

Korea — Narrowing trade surplus reflects economic recovery; China — China’s inflation pressures building; India — We expect industrial production to remain in the double-digit range in January; Korea — BOK seems set to hold policy rate at 2% in 1H10; Malaysia — Strong performance in January IP; Philippines — Buoyant revenues restrain fiscal deficit in Jan to Php37.1bn; Thailand — Prevailing growth momentum need not be as vulnerable to weaker consumer sentiment unlike in 1H09

Emerging Markets Daily- Asia Edition (10 March 2010)

10 March 2010

China — Feb export and import growth were both stronger than expected at 45.7% yoy and 44.7% yoy respectively; Korea — Money supply and credit growth both moderated, while M1 growth fell to 15.0% YoY and M2 growth stayed flat at 9.3% in January; Malaysia — Favorable base effect along with mfg/export recoveries likely to maintain YoY IP growth in Jan at 11.5%yoy; Philippines — Jan exports rise 42.5% yoy; Thailand — Monetary Policy Committee keeps the benchmark rate unchanged at 1.25%.

Emerging Markets Daily – Asia Edition (09 March 2010)

9 March 2010

Malaysia — Bank Negara leads the way for policy normalization; China — RMB revaluation is likely to occur in the latter part of 2Q10; Indonesia — The government seeks to hike electricity tariffs by an average of 15% in July this year; Philippines — Narrow money growth at 15.5% YoY vs. M3’s 8.1% YoY may capture risk of excess liquidity during pre-election months; Thailand — The MPC is likely to keep policy rates unchanged.

Emerging Markets Daily – Asia Edition (8 March 2010)

8 March 2010

Singapore — 1Q10 GDP growth could exceed 10% on technical bounce back; Philippines — Aquino still leads in the pre-election survey with Estrada on the upside surprise; Indonesia — BI announced new measures last Friday to lengthen tenors and limit the frequency of SBI issuance; Malaysia — Exports released on last Friday leapt by 37.0% YoY in Jan; Taiwan — CBC is reported to raise required reserve ratio in the next policy meeting on March; Thailand — Higher FX reserves as of end-Feb implied a liquidity injection of Bt63.2bn during the week

Emerging Markets Daily – Asia Edition (05 March 2010)

6 March 2010

Indonesia — We expect a gradual improvement on Indonesia’s rating to high double B in this year; China — Choppy data in Jan-Feb may show healthy progress in recovery; India — IP rose by 14.5% YoY in Jan; Korea — Benign inflation in Feb is likely to prompt BOK to hold policy rate unchanged at 2%; Malaysia — Favorable base effect along with mfg/export recoveries likely to maintain YoY IP growth in Jan at 11.5% YoY; Philippines — Lower-than-expected inflation in Feb (4.2%); BSP is not expected to hike rates at the next MP meeting; Taiwan — Inflation reached 2.4% YoY in Feb; Thailand — Benign inflation in Feb likely to ease the pressure on policy rate hike

Emerging Markets Daily – Asia Edition (04 March 2010)

4 March 2010

China — China’s economic recovery has been driven by two separate forces; Indonesia — House Votes Bank Century bailout as “Illegal” with the support of three ruling coalition partners; BI held the policy rate at 6.5%, as expected; Hong Kong — Retail sales value growth slowed to 6.6% YoY in January; Malaysia — Exports likely rose 38.6% YoY in Jan, continuing Dec’s expansion (18.7% YoY); Philippines — Sustained pass-through from elevated oil and food prices probably contributed to inflation of 4.5% YoY in Feb; Taiwan — Timing of the Lunar New Year in February this year and January last year will likely boost CPI inflation higher to 2.3% YoY in February.

Emerging Markets Daily – Asia Edition (03 March 2010)

3 March 2010

China — Non-manufacturing PMI fell sharply from 55.1 to 46.4 in February; Hong Kong — PMI slipped to 54.6 in February from 55.8 in January; Indonesia — BI should keep policy rates on hold for the seventh consecutive months; Korea — Industrial production stayed flat at 0.0%mom; Malaysia — Robust GDP in 4Q may prompt the BNM to raise the OPR by 25bps to 2.25% at the MPC meeting next week.; Philippines — Near-term fiscal support for the 4-yr and 5-yr segment of the curve; Vietnam — The Ho Chi Minh City announced it will sell its inaugural US$700m overseas bonds.

Asian Equity Funds Go Underweight Southeast Asia

3 March 2010

Southeast Asia becomes an underweight at Asian funds for the 1st time since 03; Sector weights in Energy and Materials posted the largest MoM reduction in 15 months as the USD strengthened; Sustained inflows Japan equity funds kicking off

Emerging Markets Daily – Asia Edition (02 Mar 2010)

2 March 2010

Hong Kong — Services’ PMI is likely to decline modestly in Feb; Korea — The USD2.3bn trade surplus seen in Feb; Philippines — Liquidity drained by BSP (PHp1.55tr) may ease tight liquidity draining option; Taiwan — Feb’s consumer confidence index rebounded to a 4-year high; Thailand — We discuss two likely reasons behind the recent decision by the BOT; Benign core inflation in Feb, at 0.3%YoY.

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