In one line: Japan’s exports were a mixed bag in November; expect more headwinds in 2025.
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan’s manufacturing PMI rebounds, Services activity improves ahead of festive season
Kelvin Lam (Senior China+ Economist)China+
China's November activity data disappoints again, but property prices show improvement
Kelvin Lam (Senior China+ Economist)China+
In one line: China's credit demand from the real economy slows to two-decade low
Kelvin Lam (Senior China+ Economist)China+
In one line: CEWC Takeaway: China prioritises demand-boosting policies for 2025, but details revealed remain underwhelming.
Kelvin Lam (Senior China+ Economist)China+
In one line: CEWC Takeaway: China prioritises demand-boosting policies for 2025, but details revealed remain underwhelming.
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s export growth weakens amid slowing global demand
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s Politburo sets the tone for 2025: "Moderately loose" monetary policy and “more" proactive fiscal plans
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s producer price deflation eases in November amid signs of stimulus impact
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s consumer inflation sinks further in November, led by weaker food prices, but core inflation shows signs of stabilisation
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s foreign reserves rise unexpectedly in November, with policy banks likely shouldering some outflow pressures
Kelvin Lam (Senior China+ Economist)China+
- - CHINA’S POLICY MACHINES POINT TO MORE EASING IN 2025
- - THE ‘TRUMP FACTOR’ GIVES THE BOJ PAUSE FOR THOUGHT
- - BOK SWAYED BY DOMESTIC AND EXTERNAL FACTORS
Kelvin Lam (Senior China+ Economist)China+
- China export momentum weakened in November, driven by slowing shipments across key markets.
- The slowdown was broad-based, with both high-tech and low-tech exports decelerating sharply.
- Export demand is unlikely to offset domestic demand deficiencies in 2025 amid Trump policy uncertainty.
Kelvin Lam (Senior China+ Economist)China+
- Japan’s central bank left the policy rate unchanged yesterday, with one dissenter voting for a rate hike.
- Governor Ueda was less hawkish; he needs more clarity on wages and Mr. Trump’s policy before hiking.
- The BoJ didn’t want to tie its hands, keeping a January hike alive while making March plausible.
Kelvin Lam (Senior China+ Economist)China+
- China’s activity data largely disappointed the market, especially consumption and investment.
- A ray of light in the property sector, with new- and second-home prices falling at a much slower pace.
- The President’s CEWC speech pointed to expansion of existing stimulus to boost domestic demand.
Kelvin Lam (Senior China+ Economist)China+
- China’s Central Economic Work Conference is ‘all hat and no cattle’; consumption is the sole priority in 2025.
- The authorities seem to have run out of new ideas to boost the economy in the face of external uncertainty.
- In 2025, expect monetary policy easing, the budget deficit ceiling to be raised and more structural reforms.
Kelvin Lam (Senior China+ Economist)China+
- China headline consumer inflation is on the brink of deflation, but core inflation offers a ray of hope.
- Producer price deflation is narrowing on stimulus related construction material production.
- China needs to unleash more demand-side policies to see a sustained recovery.
Kelvin Lam (Senior China+ Economist)China+
- China’s Politburo signalled a change in monetary policy stance to “moderately loose” from “prudent”.
- Further mentions of a consumption boost still don’t mean large-scale We stern-style handouts are likely.
- The Politburo’s mindset on structural issues hasn’t changed; we expect a December RRR cut .
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s non-manufacturing growth stalls in November as construction weighs on activity.
Kelvin Lam (Senior China+ Economist)China+
In one line: China’s stimulus continues to give manufacturing activity a modest lift amid looming geopolitical uncertainty
Kelvin Lam (Senior China+ Economist)China+
