Japan Economics Update Monetary Indicators Monitor (Aug.) Negative interest rates are undermining the profitability of financial institutions asbanks have slashed lending rates. However, lower borrowing costs have yet to resultin stronger credit demand. 19th September 2016 · 1 min read
China Economics Update The view from the ground – Q3 2016 Banks, firms and households have all become more upbeat on the economic outlook recently, according to the latest People’s Bank surveys released over the weekend. In particular, households appear more... 19th September 2016 · 1 min read
Canada Economics Weekly Household debt continues to rise The focus remained on the nation’s housing boom last week, with figures released showing that house prices continued to rise rapidly last month, even as home sales fell further in the aftermath of the... 16th September 2016 · 1 min read
Bank of Japan Watch Comprehensive policy review should deliver more easing The announcement that a comprehensive assessment of monetary policy would be carried out at the upcoming Bank of Japan meeting has triggered even more speculation than usual about possible changes of... 16th September 2016 · 1 min read
US Housing Market Update Why are credit scores on mortgages trending up? Somewhat surprisingly, according to Ellie Mae the average credit score for successful mortgage applications has been trending up since the beginning of the year. But a closer look shows that rise is... 15th September 2016 · 1 min read
India Economics Update Corporate bond reform could ease financing constraints Recent measures aimed at reinvigorating India’s domestic corporate bond market are likely to vary in their impact. But overall, the reforms should help to open a new source of financing for Indian... 15th September 2016 · 1 min read
China Data Response Bank Lending & Broad Credit (Aug.) A renewed pick-up in credit growth last month will add to the growing sense among investors that the near-term outlook for China’s economy is fairly bright. Credit growth is still likely to slow over... 14th September 2016 · 1 min read
Canada Economics Weekly Housing bubble still a tale of two cities The reported 23% y/y decline in Vancouver home sales in August unsurprisingly prompted claims in the media last week that the new foreign buyer tax, which took effect at the start of last month, had a... 9th September 2016 · 1 min read
Asia Economics Update Korean rates to stay on hold until year-end at least With the economy showing some signs of improvement, the Bank of Korea (BoK) unsurprisingly kept its policy rate unchanged at 1.25% today. While benign inflation will give the BoK scope to keep rates... 9th September 2016 · 1 min read
China Data Response FX reserves (Aug.) Another drop in the value of China’s foreign exchange reserves points to continued intervention by the People’s Bank. It also suggests that capital outflows remain sizeable and so that the renminbi... 7th September 2016 · 1 min read
Capital Daily Why we doubt US credit spreads will rise when the Fed tightens 6th September 2016 · 1 min read
Asia Economics Focus Is the Philippines overheating? Rapid economic growth, surging imports and strong credit growth have fuelled fears that the Philippines is overheating and that the central bank will be soon be forced to hike interest rates to bring... 5th September 2016 · 1 min read
China Economics Update Is China caught in a “liquidity trap”? A number of voices have begun loosely using the term “liquidity trap” to argue that stronger credit growth in China has failed to provide a greater boost to output because firms are hoarding cash... 2nd September 2016 · 1 min read
India Economics Focus How to think about monetary policy after Rajan The appointment of Dr Urjit Patel as the new governor of the Reserve Bank of India (RBI) gives a strong indication of policy continuity at the central bank, and strengthens our view that the easing... 2nd September 2016 · 1 min read
Bank of Canada Watch Bank will be on hold for some time The Bank of Canada is unlikely to take any action at the upcoming policy meeting on 7th September. The 1.6% annualised decline in second-quarter GDP was worse than the 1.0% fall the Bank assumed in... 1st September 2016 · 1 min read
Asia Economics Update Sri Lanka holds rates, but further tightening still likely The central bank in Sri Lanka (CBSL) today left interest rates on hold despite a continued acceleration in credit growth, high inflation and a weak currency. We think another interest rate hike is... 30th August 2016 · 1 min read
