EM Markets Chart Pack How will EM corporate spreads react to higher US rates? Although underlying Treasury yields have risen since the end of March, dollar-denominated corporate bond yields have fallen in all emerging market regions, owing to a sharp fall in credit spreads. We... 15th May 2015 · 1 min read
Asia Economics Weekly Asia’s rate cutting cycle is nearing an end Emerging Asia’s rate cutting cycle appears to be nearing its end, with only a handful of central banks likely to cut a little further. But it won’t be until 2016 that the region’s central banks move... 15th May 2015 · 1 min read
Asia Data Response Malaysia GDP (Q1) The slowdown in Malaysia’s economy in Q1 would have been sharper were it not for consumers bringing forward spending ahead of the implementation of a Goods & Services Tax (GST) in April. Growth is... 15th May 2015 · 1 min read
Asia Economics Update Korea's rate-cutting cycle is over The Bank of Korea (BoK) today left its policy rate unchanged at a record low of 1.75% amid concerns about the rapid increase in Korea's household debt. We think the BoK’s rate-cutting cycle has now... 15th May 2015 · 1 min read
India Economics Update Reality check for reform agenda Recent failures to amend the domestic tax system and land acquisition laws are the latest examples of the government's reform agenda running into roadblocks over the past few months. This supports our... 15th May 2015 · 1 min read
Asia Economics Update Philippines in no rush to adjust monetary policy The central bank in the Philippines (BSP) left interest rates on hold today. With the economy set to continue growing at a decent pace, the Philippines is unlikely to join in the region’s interest... 14th May 2015 · 1 min read
Emerging Markets Economics Update In search of winners from China’s rebalancing While it isn’t hard to find EMs that have been hurt by the slowdown in China, identifying winners from the positive aspects of its rebalancing – such as rapid growth in household spending – has proved... 14th May 2015 · 1 min read
India Data Response Wholesale Prices (Apr.) Wholesale price inflation recorded another large drop in April, to its lowest rate since the series began in 2005. Importantly, as the consumer price data released on Tuesday also showed, core... 14th May 2015 · 1 min read
Emerging Markets Economics Update Emerging Market Consumer Snapshot (Q2 2015) The outlook for consumers has remained bright in large parts of the emerging world. In particular, consumption looks set to grow strongly in Central Europe and Emerging Asia over the coming months. In... 13th May 2015 · 1 min read
India Data Response Consumer Prices (Apr.) & Industrial Production (Mar.) The drop in consumer price inflation in April was due in large part to a decline in food price pressures, but perhaps the more significant point for the Reserve Bank is that core inflation remains low... 12th May 2015 · 1 min read
Emerging Markets Economics Update What to make of the rise in EM bond yields The sell-off in the bond market in developed economies that grabbed the headlines over the past few weeks has also hit emerging markets but, so far at least, it does not provide much cause for concern... 12th May 2015 · 1 min read
Emerging Markets Economics Update EM slowdown – why this time is different According to our GDP Tracker, EM growth has now fallen to a low last seen in the aftermath of the 2008-09 global financial crisis and, prior to that, the 2001-02 Argentine crisis. However, the causes... 11th May 2015 · 1 min read
Asia Economics Weekly Asia’s exports should recover from weak Q1 Emerging Asia’s export performance took a sharp turn for the worse in the first quarter, with a slump in demand from China creating the largest drag. However, a positive turnaround is likely over the... 8th May 2015 · 1 min read
Asia Economics Update Malaysia’s rate pause to continue through 2015 The Malaysian central bank (BNM) kept its policy rate on hold at 3.25% today. The key uncertainty in the months ahead is how spending reacts to April’s tax hike. As things stand though, we expect... 7th May 2015 · 1 min read
Asia Economics Update Vietnam’s dong devaluation not about export competitiveness Today’s 1% devaluation of the dong by the State Bank of Vietnam (SBV) is unlikely to provide much of a boost to exports, as some have suggested. Looking ahead, we are only expecting minor adjustments... 7th May 2015 · 1 min read
India Economics Update Reserve Bank on course to meet 2016 inflation target Inflation is likely to have remained subdued by past standards in April, with a small pick-up in transport inflation being offset by muted food and core price pressures. The big picture is that the... 7th May 2015 · 1 min read
