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Economics and Macro Strategy
Group Research25 Jun 2019
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    Macro Insights Video

    Macro Strategy Daily

    Economics & Macro Strategy Flash

    Weekly (Chart of the Week (on Mondays); Weekly (on Fridays)

    Focus & Thematic 

    Rates

    Chartbook

     


    Video/Livestream Series: DBS Macro Insights


    Date Report
    June 14, 2019 Global macro risks HTML
    May 31, 2019 A Summer of Discontent HTML
    May 13, 2019 Our ETF Strategy  HTML
    May 6, 2019 Sing Dollar: What's it all about? HTML
    April 12, 2019 Our China outlook HTML
    April 4, 2019 From Trade War to Tech War English|Chinese MP4
    March 22, 2019 FOMC meeting and implication for assets HTML
    March 5, 2019 India’s economy and markets around elections HTML
    February 27, 2019 GDP Nowcasting (China, India, Singapore) HTML
    February 19, 2019 Singapore Budget 2019 HTML

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    Macro Strategy Daily

    Date Report
    June 25, 2019 SGSs still look compelling; INR yields news-driven with a downside bias HTML
    June 24, 2019 Taking stock before the G20, checking recent optimism with reality HTML
    June 21, 2019 Oil & gold prices heading higher; Insurance vs recession cuts HTML
    June 20, 2019 Fed signals flexibility; rising odds of Indonesia and Philippines easing HTML
    June 19, 2019 Dovish ECB, Fed next; Trump-Xi to meet at G20; Indonesia & Philippines eye easing HTML
    June 18, 2019 ECB is behind the curve on global risks; re-centering our EUR & JPY rates forecasts lower  HTML
    June 17, 2019 Fed will play up policy flexibility; USD underpinned by G3 monetary outlook HTML
    June 14, 2019 Insurance cuts supportive of equities; still like USD over EUR HTML
    June 13, 2019 AUD outlook remains poor; central bank puts in play HTML
    June 12, 2019 Sequentially difficult to take the USD down; Caution in Asia rates HTML
    June 11, 2019 Flight to safety; CNY testing 7; China govvie outperformance ahead HTML
    June 10, 2019 DXY support and rich rates curves HTML
    June 7, 2019 ECB is seen falling behind the Fed on growth risks HTML
    June 6, 2019 ECB to balance pressures on the USD from the Fed HTML
    June 4, 2019 Sentiment fragile but can also be fickle HTML
    June 3, 2019 Entering June with more worries HTML
    May 31, 2019 USD is not as weak as its peers; Trading opportunity in Indonesia equities HTML
    May 30, 2019 Looking for a dovish BOK; US bond rally stalls  HTML
    May 29, 2019 Trade tensions matter more than US Currency Report; How low can US yields go?  HTML
    May 28, 2019 Jitters in the Chinese interbank space; INR bonds bask in glow HTML
    May 27, 2019 Plunging USD yields offers respite to Asian FX; Upside to SGD rates forecast HTML
    May 24, 2019 Downside risks in focus HTML
    May 23, 2019 India assets awaiting election outcome; Indo govvies look undervalued  HTML
    May 22, 2019 Drivers of a weak SGD and THB outlook  HTML
    May 21, 2019 No FX respite from election outcomes HTML
    May 17, 2019 Capping USDCNH with a higher CNH Hibor; UST yields bounce off support  HTML
    May 16, 2019 Brexit dynamic GBP negative; concerns on Libor/Hibor spread   HTML
    May 15, 2019 INR bonds eye liquidity support; Bond flows in Malaysia and China set to improve HTML
    May 14, 2019 RMB is bound for 6.9; SGD rates underperformance to persist  HTML
    May 13, 2019 Trade tensions alive and lurking; rates brace for more volatility HTML
    May 10, 2019 High noon for China-US trade talks HTML
    May 9, 2019 US-China trade tensions front and centre HTML
    May 8, 2019 Market pricing on trade talks still tentative; BNM eases policy rate  HTML
    May 7, 2019 Keep those seat belts buckled  HTML

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    Economics & Macro Strategy Flash 


    Date Report
    June 25, 2019 Xi-Trump: Be realistic, not optimistic HTML|PDF
    June 21, 2019 Oil/gold prices: Upside risks have not gone away HTML|PDF
    June 20, 2019 Fed poised to cut, but only the much more soft data HTML|PDF
    June 12, 2019 China: Economic dataflow to weaken further HTML|PDF
    June 10, 2019 Rates: The flight-to-safety trade HTML|PDF
    June 4, 2019 FOMC to cut rates as insurance HTML|PDF
    June 4, 2019 India: 3 reasons to be bullish govvies HTML|PDF
    June 3, 2019 SGD rates: Time to grab yield HTML|PDF
    May 30, 2019 Soft growth to revive debate on India’s real rates HTML|PDF
    May 28, 2019 US markets still divided over rate cut or not this year HTML|PDF
    May 23, 2019 Decisive win for India’s ruling coalition HTML|PDF
    May 22, 2019 SGD rates: Tight liquidity HTML|PDF
    May 22, 2019 Eurozone: Politics over economics HTML|PDF
    May 21, 2019 Advantage ruling coalition, as per India's exit polls  HTML|PDF
    May 21, 2019 Recalibrating Singapore's GDP outlook HTML|PDF
    May 16, 2019 China’s slowdown shadows return HTML|PDF
    May 14, 2019 Impact of escalating trade war on Taiwan HTML|PDF
    May 14, 2019 India: Market volatility to hurt June rate cut odds HTML|PDF
    May 10, 2019 China: Stimulus is working; more coming HTML|PDF
    May 9, 2019 Philippines: BSP to cut rates soon HTML|PDF
    May 2, 2019 Taiwan: No recession, but tepid growth ahead HTML|PDF
    April 30, 2019 China: Economy still fragile despite stabilisation policies HTML|PDF
    April 30, 2019 Malaysian bonds: from bullish to neutral HTML|PDF
    April 26, 2019 Malaysia: Rate cut ahead HTML|PDF
    April 18, 2019 Pressure eases on Indonesia's trade balance HTML|PDF
    April 17, 2019 India: Tempering growth expectations HTML|PDF
    April 16, 2019 Singapore’s GDP: Expect a better 2H19 HTML|PDF
    April 16, 2019 China: Stable signs, slower growth HTML|PDF
    April 12, 2019 China: Higher CPI will not tighten policy HTML|PDF
    April 11, 2019 ECB is dovish but keeping its power dry HTML|PDF
    April 10, 2019 Low aggregate balances to gently lift Hibor HTML|PDF
    April 8, 2019 South Korea & Taiwan: Tentative signs of a bottom HTML|PDF
    April 4, 2019 India: RBI leaves door open for another neutral cut HTML|PDF
    April 4, 2019 No urgency to tighten SGD policy HTML|PDF
    March 28, 2019 India’s current account math to improve HTML|PDF
    March 27, 2019 China stimulus tracker: A one-year report card HTML|PDF
    March 26, 2019 Philippine Bonds: Soaring returns HTML|PDF
    March 20, 2019 Thailand: Elections a bigger watch factor than rate review HTML|PDF
    March 19, 2019 India’s trade deficit with China has improved HTML|PDF
    March 18, 2019 Thailand: THB seasonality to flip HTML|PDF
    March 14, 2019 Shanghai trip notes: Weak demand; improving liquidity HTML|PDF
    March 14, 2019 Malaysia: Bank Negara turned marginally dovish HTML|PDF
    March 12, 2019 SGD rates: Time to outperform HTML|PDF
    March 8, 2019 European Central Bank turns a dovish hue HTML|PDF
    March 6, 2019 Malaysian Bonds: Fiscal concerns easing HTML|PDF
    March 6, 2019 India: US considers withdrawal of trade concessions HTML|PDF
    March 5, 2019 South Korea & Taiwan: lower inflation, stable rates HTML|PDF
    February 20, 2019 Indonesia election watch: energy, food and infrastructure  HTML|PDF
    February 18, 2019 Eurozone: Policy normalisation plans on ice HTML|PDF
    February 14, 2019 Japan: Three key growth challenges in 2019 HTML|PDF
    February 7, 2019 India: RBI’s dovish turn HTML|PDF
    February 7, 2019 Brexit endgame – deal or no deal HTML|PDF
    February 1, 2019 India budget: Pro-consumption bias HTML|PDF
    February 1, 2019 Tech clouds Taiwan’s growth outloom more than South Korea HTML|PDF
    January 31, 2019 China: PMI highlights need for further policy support HTML|PDF
    January 22, 2019 Top-10 investment strategies for 2019: #10 China: Growth continues to slow HTML|PDF
    January 21, 2019 China: Growth continues to slow HTML|PDF
    January 21, 2019 Top-10 investment strategies for 2019: #9 Short CNY HTML|PDF
    January 18, 2019 Indonesia: Likely end of BI tightening cycle  HTML|PDF
    January 18, 2019 Top-10 investment strategies for 2019: #8 India govvies curve to steepen HTML|PDF
    January 17, 2019 Top-10 investment strategies for 2019: #7 We like short-dated Chinese BBs for carry  HTML|PDF
    January 16, 2019 Top-10 investment strategies for 2019: #6 Short AUD HTML|PDF
    January 15, 2019 Top-10 investment strategies for 2019: #5 Bullish 10Y China govvies HTML|PDF
    January 14, 2019 Top-10 investment strategies for 2019: #4 Support for high grade credit, especially BBB HTML|PDF
    January 11, 2019 Top-10 investment strategies for 2019: #3 Long Indonesian equities HTML|PDF
    January 10, 2019 India fiscal: Treading a fine-line  HTML|PDF
    January 10, 2019 China: Disinflation is back HTML|PDF
    January 10, 2019 Top-10 investment strategies for 2019: #2 Looking for USDSGD to hit 1.40 HTML|PDF
    January 9, 2019 Top-10 investment strategies for 2019: #1 Bet on more rate hikes by the Fed HTML|PDF
    January 7, 2019 China: More policy support in the pipline HTML|PDF
    January 2, 2019 Taiwan faces more risks from weak PMIs than South Korea HTML|PDF
    January 2, 2019 Singapore: Ending 2018 on a low note HTML|PDF

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    Weekly


    Date Report
    June 24, 2019 Chart of the Week: Back in the ring - US Fed vs Markets HTML|PDF
    June 21, 2019 Weekly: Currency War and Monetary Easing HTML|PDF
    June 17, 2019 Chart of the Week: Buffers to defend HKD HTML|PDF
    June 14, 2019 Weekly: Hong Kong under spotlight HTML|PDF
    June 10, 2019 Chart of the Week: Dollar's retreat and gold's rebound HTML|PDF
    June 7, 2019 Weekly: Litany of Risks HTML|PDF
    June 3, 2019 Chart of the Week: Slowdown to be exacerbated by debt burden HTML|PDF
    May 31, 2019 Monthly: A Summer of Discontent HTML|PDF
    May 27, 2019 Chart of the Week: Surging FDI from China/HK to Vietnam HTML|PDF
    May 24, 2019 Weekly: Rising Asian FX volatility and vulnerability HTML|PDF
    May 21, 2019 Chart of the Week: Gauging the trade war vulnerability of Asian economies HTML|PDF
    May 17, 2019 Weekly: A China-US decoupling scenario HTML|PDF
    May 13, 2019 Chart of the Week: Trade wars have yet to alter global investment dynamics HTML|PDF
    May 10, 2019 Weekly: Global and trade wars HTML|PDF
    May 6, 2019 Chart of the Week: Trade recovery hostage to US-China trade talks HTML|PDF
    May 3, 2019 Weekly: Reviewing global price trends HTML|PDF
    April 29, 2019 Chart of the Week: Weak trade figures will persist, but don’t worry HTML|PDF
    April 26, 2019 Monthly: Waiting for a trade revival HTML|PDF
    April 22, 2019 Chart of the Week: Asian equity funds flush with cash to deploy  HTML|PDF
    April 18, 2019 Weekly: China's positive impulse to the global economy HTML|PDF
    April 15, 2019 Chart of the Week: Foreign investors eye China's bond markets HTML|PDF
    April 12, 2019 Weekly: Don't dismiss inflation HTML|PDF
    April 8, 2019 Chart of the Week: Singapore GDP and MAS meeting are the focus this week HTML|PDF
    April 5, 2019 Weekly: View from Europe - a tentative trough HTML|PDF
    April 1, 2019 Chart of the Week: Tech war and electronics supply chain relocation: who could benefit? HTML|PDF
    March 29, 2019 Monthly: Can markets pull up the global economy? HTML|PDF
    March 25, 2019 Chart of the Week: US recession probabilities rise, but when?  HTML|PDF
    March 22, 2019 Weekly: Global economy gets a helping hand from the Fed and China HTML|PDF
    March 18, 2019 Chart of the Week: Fed vs Markets HTML|PDF
    March 15, 2019 Weekly: No to no-deal Brexit HTML|PDF
    March 11, 2019 Chart of the Week: US dollar still in vogue, SWIFT data suggests HTML|PDF
    March 8, 2019 Weekly: Real Interest Rates in Asia: Room to Ease HTML|PDF
    March 4, 2019 Chart of the Week: Asian property prices HTML|PDF
    March 1, 2019 Weekly: What will cause global trade to bottom? HTML|PDF
    February 25, 2019 Chart of the Week: Keeping an eye on China’s growth momentum HTML|PDF
    February 22, 2019 DBS Monthly: Slowing growth; buoyant markets HTML|PDF
    February 18, 2019 Chart of the Week: Fund flows turn to Asia HTML|PDF
    February 15, 2019 Weekly: China stimulus to the rescue? HTML|PDF
    February 11, 2019 Chart of the Week: Behind the rise of Chinese smartphone makers HTML|PDF
    February 8, 2019 Weekly: #10yearchallenge for economies and markets HTML|PDF
    February 4, 2019 Chart of the Week: China slowdown’s direct impact on global trade HTML|PDF
    February 1, 2019 Weekly: Three factors that could spoil a "Powell Put" HTML|PDF
    January 28, 2019 Chart of the Week: Asia inflation watch-easing headline vs stubborn core HTML|PDF
    January 25, 2019 Monthly: Hard Brexit and other disruptive scenarios HTML|PDF
    January 21, 2019 Chart of the Week: Tech cycle weakness adds to regional trade woes HTML|PDF
    January 18, 2019 Weekly: Widespread trade slowdown HTML|PDF
    January 14, 2019 Chart of the Week: China’s plunging imports and rising trade surpluses HTML|PDF
    January 11, 2019 Weekly: Trades to carry through the market fog HTML|PDF
    January 7, 2019 Chart of the Week: Volatile days HTML|PDF
    January 4, 2019 Weekly: Under China's lengthening shadow HTML|PDF

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    Focus & Thematic


    Date Report
    June 20, 2019 India's monetary policy to do much of the heavy lifting HTML|PDF
    June 6, 2019 Understanding China-China-US Relationship: Self-interest vs Mutuality HTML|PDF
    June 3, 2019 3Q Equity strategy - Position defensively HTML|PDF
    May 31, 2019 Monthly: A Summer of Discontent HTML|PDF
    May 29, 2019 A Global Macro Risk Dashboard HTML|PDF
    May 28, 2019 Understanding Vietnam: The rising star HTML|PDF
    May 27, 2019 Taiwan more vulnerable to tech war than S Korea HTML|PDF
    May 17, 2019 What’s driving India’s debt markets? HTML|PDF
    May 14, 2019 USD Rates: What will prompt the Fed to cut? HTML|PDF
    May 6, 2019 China: RRR cut signals PBoC still supportive HTML|PDF
    April 30, 2019 India: Resilient remittances HTML|PDF
    April 29, 2019 Monthly: Waiting for a trade revival HTML|PDF
    April 24, 2019 ETF Strategy – Singapore offers plenty of diversification HTML|PDF
    April 1, 2019 Asia equities - Another volatile month ahead HTML|PDF
    March 29, 2019 Monthly: Can markets pull up the global economy? HTML|PDF
    March 27, 2019 USD rates: Flat, flatter, inverted HTML|PDF
    March 21, 2019 Fed’s dovish tilt and market implications HTML|PDF
    March 14, 2019 Understand China: China-US: From trade war to tech war HTML|PDF
    March 12, 2019 India: Policy transmission, through banks and markets, will be key HTML|PDF
    March 12, 2019 Understanding China – Self-Sufficiency 2.0 HTML|PDF
    March 7, 2019 Hong Kong – Core of the Greater Bay Area HTML|PDF
    March 6, 2019 USD rates: Pause, not stop HTML|PDF
    March 4, 2019 China rates and credit: Unearthing value HTML|PDF
    February 28, 2019 India's economy and markets around elections HTML|PDF
    February 22, 2019 DBS Monthly: Slowing growth; buoyant markets HTML|PDF
    February 19, 2019 Singapore Budget 2019: Deepening enterprise capabilities, strengthening social support HTML|PDF
    February 19, 2019 Ricks in China's bond and credit markets HTML|PDF
    February 14, 2019 SGD Rates: The SSB swing factor HTML|PDF
    February 14, 2019 Election watch in India, Indonesia, and Thailand:  Plenty of drama, but market implication largely neutral  HTML|PDF
    February 11, 2019 Rates: The Libor SOFR transition HTML|PDF
    February 7, 2019 Brexit endgame – deal or no deal HTML|PDF
    January 30, 2019 Philippines: Public spending to support growth HTML|PDF
    January 29, 2019 Singapore Budget 2019: Sustained support for firm level restructuring HTML|PDF
    January 28, 2019 Singapore Budget 2019: Helping the "newly vulnerable HTML|PDF
    January 25, 2019 Monthly: Hard Brexit and other disruptive scenarios HTML|PDF
    January 24, 2019 Thailand: Trade and growth jitters HTML|PDF
    January 21, 2019 India: Easing inflation – macro positive, micro concern HTML|PDF
    January 7, 2019 US Rates: Late Cycle HTML|PDF

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    Rates Dashboard


    Date Report
    June 17, 2019 SG

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    Chart Book


    Date Report
    June 24, 2019 Malaysia Chartbook: Slow growth, weak inflation HTML|PDF
    June 17, 2019 Taiwan chart book – Trade war’s costs and silver lining HTML|PDF
    June 3, 2019 Singapore Chartbook: Down but not out HTML|PDF
    May 22, 2019 China chart book: Shadow of an escalating trade war HTML|PDF
    May 14, 2019 South Korea chart book: An improving cycle vulnerable to trade wars HTML|PDF
    May 6, 2019 Hong Kong chart book: Gradual improvement in the making HTML|PDF
    April 23, 2019 Thailand chart book: Slower growth, eye on election outcome HTML|PDF
    December 10, 2018 DBS Annual Chartbook: 2019 in 64 charts HTML|PDF
    November 19, 2018 Hong Kong Chart book: Increasing external headwinds HTML|PDF
    October 15, 2018 India chart book: Volatility overshadows growth HTML|PDF
    August 7, 2018 Indonesia chart book – Consumption trumps weak trade HTML|PDF

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