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Economics and Macro Strategy
Group Research23 Sep 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
    September 9, 2019 Living with Volatility HTML
    August 26, 2019 Will the Chinese Yuan weaken from 7 to 8  HTML
    August 7, 2019 A Noisy Landscape HTML
    July 15, 2019 The Dark Matter of Trade HTML
    July 1, 2019 A Gathering of Doves HTML
    June 26, 2019 Vietnam, the Rising Star HTML
    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
    September 23, 2019 Flickering trade deal hopes; Fed's repo facility assuages funding concerns HTML
    September 20, 2019 GBP, AUD, JPY, and CNY under focus HTML
    September 19, 2019 Fed’s non-committal forward guidance; We still favour the USD HTML
    September 18, 2019 Liquidity management and the Fed; BOJ decision preview HTML
    September 17, 2019 US inflation expectations have likely bottomed; oil and INR assets HTML
    September 16, 2019 Drone attack a major setback in the middle-east; The market pares Fed cut bets HTML
    September 13, 2019 Reiterating caution on DM govvies; USD and FOMC HTML
    September 12, 2019 Implications of a slightly improved macro narrative HTML
    September 11, 2019 Macro strategy: ECB to recalibrate dovish expectations HTML
    September 10, 2019 Brief stimulus-driven EMFX relief; can RBI keep up with expectations? HTML
    September 9, 2019 Opposing forces at play in the rates and FX spaces HTML
    September 6, 2019 Goldilocks US data and friendlier CNY needed; central bank easing not positive for all bonds HTML
    September 5, 2019 FX up on reduced political risks, ECB easing "not if, but how much" HTML
    September 4, 2019 GBP on a slippery slope; INR and equities underperform HTML
    September 3, 2019 Dovish RBA, cheap JGBs HTML
    September 2, 2019 Market volatility to extend into September HTML
    August 30, 2019 Malaysia FX and rates outlook under focus HTML
    August 29, 2019 Brexit volatility returns; BOK to pause HTML
    August 28, 2019 No alternative but USTs; Relief rally in INR bonds HTML
    August 27, 2019 Trade war seesaw; Taking stock of rates HTML
    August 26, 2019 Another stress point in trade war; a steeper UST curve? HTML
    August 23, 2019 Lowering our Asia bond yield forecasts; taking stock of Fed views HTML
    August 22, 2019 Pro-growth RBI minutes; Caution in US Treasuries HTML
    August 21, 2019 Fiscal stimulus chatter picking up; Measured easing ahead from BI HTML
    August 20, 2019 Germany weighs fiscal stimulus; China govvies are attractive HTML
    August 19, 2019 A pivotal week for FX after recent sell-off; Asia rates look attractive  HTML
    August 16, 2019 SGS a beneficiary in a low yield world; USD defies plunge in US bond yields HTML
    August 15, 2019 Bonds flashing ominous signs; Trade tensions to keep USD strong HTML
    August 14, 2019 A welcome trade war de-escalation in the short term HTML
    August 13, 2019 Stress ahead for EM; USTs supported HTML

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    Economics & Macro Strategy Flash 


    Date Report
    September 23, 2019 India: Bets on investment revival with USD20bn tax cuts HTML|PDF
    September 18, 2019 Fed cuts with 3 dissents and funding challenges HTML|PDF
    September 16, 2019 China: Weak August data calls for more loosening HTML|PDF
    September 16, 2019 India: Round four of growth support measures HTML|PDF
    September 16, 2019 Saudi drone attacks: Implication for assets HTML|PDF
    September 13, 2019 Eurozone: ECB to stay dovish “as long as necessary” HTML|PDF
    September 12, 2019 SGD rates: Policy easing and rate outlook  HTML|PDF
    September 2, 2019 Gold prices: Higher impact from interest rate ahead HTML|PDF
    September 2, 2019 India: More policy support likely after weak 2Q growth HTML|PDF
    August 30, 2019 SGD rates: Introduction to SORA HTML|PDF
    August 29, 2019 Singapore’s output gap weighing on inflation HTML|PDF
    August 28, 2019 Credit: China-driven divergence HTML|PDF
    August 27, 2019 Tracking the universe of positive yielding bonds HTML|PDF
    August 26, 2019 India: Helpful steps to reverse cyclical slowdown; more to come HTML|PDF
    August 23, 2019 Indonesia: Another pre-emptive rate cut HTML|PDF
    August 15, 2019 China: Slowing growth; more stimulus to come HTML|PDF
    August 14, 2019 Navigating the sovereign bond landscape HTML|PDF
    August 14, 2019 India: Is a coordinated policy response likely? HTML|PDF
    August 13, 2019 Singapore’s dour growth outlook HTML|PDF
    August 8, 2019 India: RBI breaks from convention, cuts by 35bps HTML|PDF
    August 7, 2019 Philippines: Expecting another 50bps of rate cut this year HTML|PDF
    August 6, 2019 India rates: Divergence in impact to market turnmoil HTML|PDF
    August 5, 2019 Japan-South Korea trade fight a lose-lose scenario HTML|PDF
    August 1, 2019 FOMC yields to markets; will yield again HTML|PDF
    July 31, 2019 Understanding China: Uneven impact of trade war on provinces HTML|PDF
    July 29, 2019 Thailand: Policymakers uncomfortable with baht strength HTML|PDF
    July 18, 2019 Eurozone: Not a matter of if but when and how policy eases HTML|PDF
    July 18, 2019 South Korea: First rate cut since 2016; more to come HTML|PDF
    July 17, 2019 Indonesia: Rate cuts in the horizon HTML|PDF
    July 17, 2019 India: External borrowing to fund budget; good or bad? HTML|PDF
    July 17, 2019 Asian bonds in demand: catalysts and upside HTML|PDF
    July 16, 2019 China: Slowing growth along with signs of stabilization  HTML|PDF
    July 16, 2019 SGD rates: The liquidity conundrum HTML|PDF
    July 15, 2019 Downgrading Singapore’s growth forecast HTML|PDF
    July 12, 2019 Singapore’s 2Q GDP contraction and policy implication HTML|PDF
    July 11, 2019 Fed policy and melt-up risks HTML|PDF
    July 8, 2019 China Government Bonds: Unlikely laggards HTML|PDF
    July 5, 2019 India Budget: continuity with change  HTML|PDF
    July 3, 2019 Japan-Korea tensions pose new risks to electronics supply chains HTML|PDF
    June 26, 2019 Thailand: BOT on hold, safe-heaven interests perk THB assets HTML|PDF
    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

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    Weekly


    Date Report
    September 23, 2019 Chart of the Week: War on pollution HTML|PDF
    September 20, 2019 Weekly: Literal and metaphorical smog HTML|PDF
    September 16, 2019 Chart of the Week: Global oil supply situation HTML|PDF
    September 13, 2019 Weekly: Interim relief HTML|PDF
    September 9, 2019 Chart of the Week: US wages and costs are spiking HTML|PDF
    September 6, 2019 Weekly: Mood swings HTML|PDF
    August 30, 2019 Monthly: Living with volatility HTML|PDF
    August 26, 2019 Chart of the Week: Widening EM credit spreads driven by high yield bonds HTML|PDF
    August 23, 2019 Weekly: Watch out for another market tantrum HTML|PDF
    August 19, 2019 Chart of the Week: Hong Kong’s retail sales and tourism downturn HTML|PDF
    August 16, 2019 Weekly: Negative feedback loop HTML|PDF
    August 13, 2019 Chart of the Week: Divergent China/US/EU dataflow HTML|PDF
    August 8, 2019 Weekly: 60 variables, 31 charts, and one dashboard to capture gyrating global macro risks HTML|PDF
    August 5, 2019 Chart of the Week: Trade war's impact on foreign and Chinese firms HTML|PDF
    August 2, 2019 Weekly: Easing Race HTML|PDF
    July 29, 2019 Chart of the Week: Who’s benefited from the near-term diversion in US purchases HTML|PDF
    July 26, 2019 Monthly: Four ways Asian growth can bottom in 2H19 HTML|PDF
    July 22, 2019 Chart of the Week: Hibor and USD/HKD will remain stable HTML|PDF
    July 19, 2019 Weekly: Asian central banks on the move HTML|PDF
    July 15, 2019 Chart of the Week: US growth data don’t justify deflation fears HTML|PDF
    July 12, 2019 Weekly: Insurance cuts for what? HTML|PDF
    July 8, 2019 Chart of the Week: Europe’s yield spreads HTML|PDF
    July 5, 2019 Weekly: ECB’s dovish leadership transition HTML|PDF
    July 1, 2019 Chart of the Week: Market reactions to US-China trade truce muted HTML|PDF
    June 28, 2019 Monthly: Searching for a breather HTML|PDF
    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

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    Focus & Thematic


    Date Report
    September 17, 2019 Credit: High Noon for distressed Chinese credit HTML|PDF
    September 12, 2019 Taiwan: Made-in-Taiwan (MIT) back to the fore HTML|PDF
    September 9, 2019 Thailand: External chill weighs on growth HTML|PDF
    September 9, 2019 China: More easing in the pipeline HTML|PDF
    September 2, 2019 Hong Kong: Brakes on the property boom HTML|PDF
    August 30, 2019 Monthly: Living with volatility HTML|PDF
    August 28, 2019 Trade war and India: Five factors to watch HTML|PDF
    August 19, 2019 G3 rates: Seeking refuge HTML|PDF
    August 16, 2019 Indonesia: Surfacing economic weakness HTML|PDF
    August 13, 2019 Japan: 5 challenges in the second half HTML|PDF
    August 7, 2019 Taiwan: Trade war, tourism ban, and the rise of MIT HTML|PDF
    August 2, 2019 Hong Kong: Growth downgraded HTML|PDF
    July 27, 2019 Monthly: Four ways Asian growth can bottom in 2H19 HTML|PDF
    July 22, 2019 Forthcoming Fed rate cuts; what’s the trade? HTML|PDF
    July 1, 2019 Understanding India: Time is RIPE HTML|PDF
    June 28, 2019 Monthly: Searching for a breather HTML|PDF
    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

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    Rates Dashboard


    Date Report
    September 23, 2019 SG

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    Chart Book


    Date Report
    September 23, 2019 Singapore chartbook: No technical recession but support is still warranted HTML|PDF
    September 10, 2019 South Korea chartbook: More stimulus needed, more coming HTML|PDF
    July 24, 2019 India chartbook: Holding out for a second half recovery HTML|PDF
    July 18, 2019 Hong Kong chartbook: Booming asset price despite economic slowdown HTML|PDF
    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
    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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