Insights and Analysis

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China / GDP

‘Goldilocks’ effect largely achieved

December 13, 2017
‘Goldilocks’ effect largely achieved

The Chinese economy will likely conclude the year with 6.8% real GDP growth – despite higher interest rates. Inflation is largely contained even though a tremendous amount of liquidity is locked up b...

Singapore / GDP

Singapore in 2018/19: Better times

December 12, 2017
Singapore in 2018/19: Better times

We expect headline GDP growth for Singapore to hover around 3% in the next two years, thanks to a broad-based recovery; the Straits Times Index could rise to 3,688 by end-2018, representing 10% total...

Global / Insights

Economics, Currencies & Rates Research

December 11, 2017
Economics, Currencies & Rates Research

DBS tracks developments in the economies, foreign exchange and fixed income markets of the Asia-11 (China, Hong Kong, Taiwan, Korea, Singapore, Malaysia, Indonesia, Thailand, the Philippines, Vietnam...

Indonesia / Real Estate

Demand to remain sluggish

December 13, 2017
Demand to remain sluggish

Indonesia’s property sector has underperformed and we don’t think the market will pick up soon; we are maintaining our cautious view as demand recovery is expected to remain soft in 2018.

Malaysia / Telecommunications

Clearer signals

December 12, 2017
Clearer signals

2017 has been a stable year for Malaysia’s telcos and we expect more of the same next year – stable but flattish growth as competition stays rational.

Indonesia / Consumer Goods

Higher consumption ahead

December 11, 2017
Higher consumption ahead

We think that demand for chickens will be more favourable in 2018; prices will also be higher and more stable, thanks to a series of policies.

Singapore / Equities

Sexy Roxy: Initiating coverage

December 12, 2017
Sexy Roxy: Initiating coverage

We are initiating coverage on mid-cap developer Roxy-Pacific Holdings, which we believe will have a banner year in 2018, thanks to seven freehold sites it could launch. For more, check out today’s Si...

Global / Equities

Net inflows into US-listed ETFs dip

December 11, 2017
Net inflows into US-listed ETFs dip

The US equity market ended on a high note last week on improved prospects for tax reform and better-than-expected jobs report, but net inflows into US-listed ETFs dipped. For more, check out our Week...

Hong Kong / Equities

The tale of two reforms

December 08, 2017
The tale of two reforms

Two reforms – one regarding H-shares and the other, US taxes – will have mixed impact on Hong Kong and Chinese equities.

Economics Daily

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India / Inflation

India’s inflation tests past 4% target; production softens

December 13, 2017
India’s inflation tests past 4% target; production softens

India’s CPI inflation rose to a 15-month high of 4.9% in November; incoming data suggests December’s reading will surge past 5% vs the central bank’s target of 4%. The central bank will be cautious o...

Philippines / Rates

Philippines: Fitch plays catch-up

December 11, 2017
Philippines: Fitch plays catch-up

Fitch Ratings upgraded the Philippines’ sovereign credit rating to ‘BBB’, with a stable outlook, on Monday. We concur with Fitch’s assessment that the economy has put up “strong and consistent macroe...

India / Rates

RBI − a long pause likely

December 07, 2017
RBI − a long pause likely

We are of the view that the Reserve Bank of India (RBI) is unlikely to tighten policy in a hurry, but recognises that the balance of risk is tilted toward tightening.

Global / Currencies

USD rates comfortable with inflation outlook for now

December 12, 2017
USD rates comfortable with inflation outlook for now

US Treasury curve bear flattening continues to be the main trade as market participants bet on policy normalisation by the Federal Reserve amid muted inflation. For more on currencies and rates, chec...

Global / GDP

This Week: Moves by central banks, US CPI, and China’s new ...

December 11, 2017
This Week: Moves by central banks, US CPI, and China’s new yuan loans

We’ll be focusing on moves by the Federal Reserve and European Central Bank, inflation in the US, and China’s new yuan loans, which may jump on year-end demand.

Europe / GDP

Political risk returns

November 20, 2017
Political risk returns

Eurozone political concerns are back on the radar after German Chancellor Angela Merkel’s attempts to form a new government with a ‘Jamaica coalition’ failed; the EUR notched the biggest intraday dro...

Market Movers

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Developed Markets / Equities

US stocks mixed

December 13, 2017
US stocks mixed

The Federal Reserve starts its two-day meeting

Asia / Equities

Asia gauges ends lower

December 13, 2017
Asia gauges ends lower

But Australia bucks the regional trend

Global / Currencies

The dollar resumes its rise

December 13, 2017
The dollar resumes its rise

The Fed is expected to raise interest rates after its two-day meeting

Global / Insights

DBS Chief Investment Office Collection

December 12, 2017
DBS Chief Investment Office Collection

The DBS Chief Investment Office brings you insights and analysis on what's driving global financial markets to help you make informed investment decisions

Global / FX Currents

Yen is still the last shoe to fall

September 07, 2017
Yen is still the last shoe to fall

It has tried the 108s seven times, but this time it might be different

Global / Insights

Investors Hedge Downside Risks with Gold

September 04, 2017
Investors Hedge Downside Risks with Gold

Gold on the rise amid dollar weakness, "dovish" Fed, and lingering geopolitical uncertainties

Japan / Equity Tactical

Mitsubishi UFJ Financial Group Inc has exceeded its target

December 13, 2017
Mitsubishi UFJ Financial Group Inc has exceeded its target

Best to lock in gains, especially given the fact that liquidity tends to dwindle toward the end of the year/during holiday season

Global / FX Tactical

EUR is going steady into ECB policy meeting

December 12, 2017
EUR is going steady into ECB policy meeting

There are no expectations of the final meeting for 2017

US / Equity Tactical

Remain long on Tapestry

December 08, 2017
Remain long on Tapestry

There are growing indications that the stock could break higher

Featured Publications

Hong Kong / Consumer Services

Hong Kong Hotels: Time to check in

December 05, 2017
Hong Kong Hotels: Time to check in

With the recovery of visitor arrivals to Hong Kong, hotels in the city should see a revival in fortunes; room rates and occupancy should rise, ringing in more attractive returns for operators and man...

China / Consumer Goods

China Dairy: Downstream is key

November 30, 2017
China Dairy: Downstream is key

China dairies in the downstream segment that have exposure to fast-growing product lines will be leading the industry’s growth. In this deep dive, we look at the industry’s dynamics, potential M&A ac...

Asia / Technology

Data Centre & Cloud: Divestments and M&As to accelerate in ...

November 10, 2017
Data Centre & Cloud: Divestments and M&As to accelerate in 2018

Our analysis of data centres across the region shows that Indonesia offers the best return on invested capital; telcos however can unlock the true value of their data-centre assets by divesting them.