Julie Nicol

Julie Nicol is the Office Administrator in Singapore, working closely with the London office as well as providing support to the local sales team.

India Economics Update

External vulnerabilities remain low

There was a slight widening in India’s current account deficit in Q1, but the bigger picture is that the external shortfall remains small. In addition, FDI inflows remain strong. Given this, the...

16th June 2017 1 min read

Japan Economics Update

Monetary Indicators Monitor (May)

Bank profits have continued to shrink as lenders’ net interest margins have declined. However, non-financial firms are benefitting from rock-bottom borrowing costs and corporate bankruptcies remain...

14th June 2017 1 min read

India Data Response

Wholesale Prices (May)

The drop in headline Indian wholesale price inflation in May will increase the clamour for rate cuts. But stripping out the effect of volatile fuel and food prices, our measure of core WPI inflation...

14th June 2017 1 min read

Japan Chart Pack

Consumer revival underway

The recovery in Japan’s economy since early last year has mostly been driven by a surge in exports, but Japanese consumers also seem to be joining the party. Consumer spending is on track for another...

13th June 2017 1 min read

China Data Response

Consumer & Producer Prices (May)

Consumer price inflation edged up last month on the back of a less rapid drop in food prices. But declines in non-food inflation and producer price inflation still point to an easing of broader price...

9th June 2017 1 min read

India Economics Update

Inflation close to bottoming out

Consumer price inflation is likely to have eased in May due in large part to another drop in food inflation, and we have nudged down our full-year inflation forecast in response to the weakness in the...

8th June 2017 1 min read

China Data Response

Trade (May)

The latest Chinese trade data beat expectations. Imports, in particular, held up surprisingly well. But given the approaching headwinds to the economy from policy tightening, we doubt this strength...

8th June 2017 1 min read

Japan Data Response

Economy Watchers Survey (May)

Today’s Economy Watchers Survey suggests that consumer spending will accelerate in coming months. By contrast, the survey points to broadly stagnant industrial output and a slowdown in job growth.

8th June 2017 1 min read

Bank of Japan Watch

Board will have to lower inflation forecasts yet again

The Bank of Japan will almost certainly leave policy settings unchanged at the upcoming meeting. And with inflation set to fall short of its forecasts for the current fiscal year, there is little...

8th June 2017 1 min read

China Data Response

FX reserves (May)

The latest rise in China’s foreign exchange reserves suggests that the People’s Bank (PBOC) became net buyer of FX for the first time in well over a year last month. This reflects an easing of capital...

7th June 2017 1 min read

Australia & New Zealand Economics Update

Reports of a new GDP record are fake news

Contrary to what you may have heard, the rise in GDP in the first quarter does not mean that Australia now holds the record for the longest period in modern history without a recession. It’s true that...

7th June 2017 1 min read

China Economics Update

Non-food inflation close to a peak

We think headline inflation will have risen in May to a four-month high, driven by a further recovery in food price inflation. But looking ahead, CPI inflation is unlikely to rise much further this...

6th June 2017 1 min read

Asia Data Response

Philippines and Taiwan Consumer Prices (May)

The fall in Philippines inflation from 3.4% y/y in April to 3.1% y/y in May adds weight to our view that it is now past its peak. The modest decline was a touch lower than our forecast of 3.2%...

6th June 2017 1 min read

Japan Data Response

Labour Cash Earnings (Apr.)

Following an unusually weak reading in March, the rebound in wage growth in April came as no surprise. But the bigger picture is that labour cash earnings are not growing fast enough to create...

6th June 2017 1 min read

Japan Economics Weekly

Consumer spending to continue powering ahead

Growth in labour income slowed sharply in Q1 but a rebound seems likely. Even if income growth remains sluggish, households have plenty of scope to reduce savings following a prolonged period of...

2nd June 2017 1 min read

Japan Data Response

Consumer Confidence (May)

Consumer sentiment rebounded in May and remains near the highest it has been since the sales tax hike. Meanwhile, household inflation expectations have started to recover again.

2nd June 2017 1 min read