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The Economist (November 2)

2023/ 11/ 04 by jd in Global News

“Even as wars rage and the geopolitical climate darkens, the world economy has been an irrepressible source of cheer…. Unfortunately, however, this good cheer cannot last. The foundations for today’s growth look unstable. Peer ahead, and threats abound.”

 

Wall Street Journal (August 12)

2023/ 08/ 14 by jd in Global News

“The political world has finally awakened to China’s economic woes…. The evidence has been building for years that much of China’s economic growth was a debt-inflated bubble, and this week another Chinese property developer defaulted on some of its debt.”

 

Washington Post (July 20)

2023/ 07/ 21 by jd in Global News

We may be living in a “Goldilocks economy,” but it “has an end date.” Last year, the investors who “thought stagflation was here to stay were wrong, and they’ll be wrong again if they count on Goldilocks sticking around. Growth and inflation will line up sooner or later, and it’s the growth data that provides a better signal for the trajectory of the economy.”

 

The Korea Economic Daily (June 15)

2023/ 06/ 16 by jd in Global News

“Everything Asian policymakers were sure they knew about 2023 is going sideways.” When the year opened, “conventional wisdom” expected “Chinese growth would help the region make up for lost economic time.” Now the worry “is about deflation risks as factory-gate prices go negative” with consumer prices in China “on the verge of contraction.” Its exports are “cratering,” but China’s falling imports are “the bigger problem for Korea, and Asia more broadly.” In May, China’s imports fell by 4.5%, “dampening hopes that post-pandemic ‘revenge spending’ by 1.4 billion Chinese would propel Asian growth sharply higher.”

 

Financial Times (April 28)

2023/ 04/ 27 by jd in Global News

“Deprived of investment opportunities abroad, Russians have piled their savings into the likes of Lukoil, Gazprom and Sberbank, which combined account for about 40 per cent of the stock market’s total value.” Marking a rebound, “Russia’s stock market has climbed to its highest level in more than a year as domestic retail investors with nowhere else to go snap up the dividend-paying stocks that sold off heavily following the invasion of Ukraine”.

 

The Guardian (April 18)

2023/ 04/ 19 by jd in Global News

“China’s economy rebounded faster than expected, surpassing growth estimates for the first quarter of the year, after the country relaxed its onerous Covid-19 restrictions and consumer spending surged.” The 4.5% quarterly growth marked “the fastest in a year and beat the 4% rise forecast by analysts polled by Reuters.”

 

South China Morning Post (February 17)

2023/ 02/ 19 by jd in Global News

“China’s regulators have unblocked the path for companies to list overseas, reopening the avenue of fundraising after a 20-month obstruction to enable businesses to recapitalise for growth in the post-Covid period.” Applications must be vetted by the China Securities Regulatory Commission (CSRC) while the issuer must adhere to rules established by industry regulators in “disclosures of customers’ data and anything that could be construed as state secret.”

 

Investment Week (January 23)

2023/ 01/ 25 by jd in Global News

“Chinese equities took a beating in the year of the tiger, with the collapse of the nation’s property market, stringent restrictions on some of its sectors and its zero-Covid policy all hampering investor interest.” In contrast, the year of the rabbit is beginning “in a remarkably different place…. Dynamics are now shifting in a favourable direction, benefiting Chinese stocks and global growth.” Nevertheless, “investment experts remain wary and advise caution.”

 

Wall Street Journal (January 10)

2023/ 01/ 13 by jd in Global News

“Based on the growth of the money supply, Japan clearly fails to qualify as ultra-loose. On the contrary, it has been ultra-tight for decades.” Based on the quantity theory of money and Milton Friedman’s insights, “that tightness put Japan right where anyone… would expect: with ultra-low inflation.” That’s right, “Japan’s ultra-low inflation rates have been the result of ultra-tight, not ‘ultra-loose,’ monetary policy. The Bank of Japan’s attraction to this fallacy has resulted in Japan’s lost decades.”

 

Institutional Investor (January 9)

2023/ 01/ 11 by jd in Global News

“Amid market volatility in 2022, defensive stocks, most of which are dividend payers with stable earnings, had a good run. While they tend to underperform growth or cyclical stocks in bull markets, they are usually perceived as safer bets during recessionary periods. Dividend stocks gained 2 percent from January to October 2022, beating the market by more than 20 percent.”

 

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