In one line: Japan's regular pay growth quickened to 30-year high
Kelvin Lam (Senior China+ Economist)China+
- Japan’s nominal wage growth rose in May as the ShuntÅÂÂ wage settlements started filtering through.
- That said, we don’t expect a significant broadening of wage growth across sectors and to SME workers.
- Stronger base-pay rises will please the BoJ, but the key is whether this translates into higher spending.
Kelvin Lam (Senior China+ Economist)China+
In one line: Korea’s export recovery continues, led by strong ICT demand and lumpy ship exports
Kelvin Lam (Senior China+ Economist)China+
In one line: China's NBS PMIs surprised to the downside
Kelvin Lam (Senior China+ Economist)China+
Manufacturing activities flounder in May on weakening domestic and external demand
Non-manufacturing PMI stalls as construction activity slow sharply
Japan’s Tokyo inflation accelerates on the back of expiring energy subsidies
Kelvin Lam (Senior China+ Economist)China+
April's industrial profits show slower recovery due to protracted reflation cycle
Kelvin Lam (Senior China+ Economist)China+
- The US has proposed new tariffs on Chinese imports, which will have limited impact, in our view.
- Lithium batteries likely will be most affected, among other items targeted, with the US more exposed to it.
- China’s manufacturing activity shrank unexpectedly in May, suggesting more stimulus might be needed.
Kelvin Lam (Senior China+ Economist)China+
- China’s industrial profit growth was unchanged in April; the recovery is weaker than previously thought.
- A slowing reflation cycle is to blame, but also excess capacity and rising input costs.
- Manufacturing profits remain solid, but expect more policy support for the economic recovery.
Kelvin Lam (Senior China+ Economist)China+
In one line: The Bank of Korea stands pat in May, citing upside risks to inflation
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan’s manufacturing activity expands for the first time in a year, largely driven by improvements in output and new orders.
Kelvin Lam (Senior China+ Economist)China+
The Bank of Korea stands pat in May, citing upside risks to inflation
Japan’s manufacturing activity expands for the first time in a year, largely driven by improvements in output and new orders.
Services activity continues to grow at solid pace in May
Kelvin Lam (Senior China+ Economist)China+
- The BoK stood pat in May, citing rising inflation risks due to strengthening economic conditions.
- The rate-cut timing is less certain now due to volatile expectations of the Fed’s move and geopolitical risk .
- Japan’s flash PMI surveys show tentative signs of growth broadening to manufacturing.
Kelvin Lam (Senior China+ Economist)China+
In one line: Korea's 20-day exports hit hard by May’s fewer working days but underlying momentum was improving on a WDA basis.
Kelvin Lam (Senior China+ Economist)China+
In one line: Korea's 20-day exports hit hard by May’s fewer working days but underlying momentum was improving on a WDA basis.
Kelvin Lam (Senior China+ Economist)China+
- Korean 20-day exports slowed sharply in May because of working-day effects.
- The underlying trend is actually improving after adjustment. Chip shipments remain the major driver.
- We expect no change at the upcoming BoK meeting but have pushed back our first rate cut to Q4.
Kelvin Lam (Senior China+ Economist)China+
China's banks held LPR steady in May; More funding is need to prop up the real estate sector
Kelvin Lam (Senior China+ Economist)China+
China's banks held LPR steady in May; More funding is need to prop up the real estate sector
Kelvin Lam (Senior China+ Economist)China+
In one line: Japan's Q1 GDP shrinks more than expected as domestic demand deteriorates
Kelvin Lam (Senior China+ Economist)China+
- Japan’s preliminary Q1 GDP surprised the market to the downside, with growth turning negative.
- Weak domestic demand, such as business investment and consumption, was the culprit.
- The sluggish growth does not warrant an early rate hike, as markets suggest; we stick to our Q4 call.
Kelvin Lam (Senior China+ Economist)China+
