- In one line: Fret not, the recovery in electronics exports is still in place.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
An RBI cut in August now certainly looks off the table
The policy-induced upswing in Thai inflation shouldn’t bother the MPC
Don’t put too much stock into the April leap in Philippine sales
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- Formal dissent in the RBI grew this month, but we’ll now likely have to wait until October for the first cut.
- The base-effect and policy-driven upswing in Thai CPI should be ignored by the MPC this week.
- Taiwanese export growth disappointed in May, but not enough to derail the overall recovery.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: Vehicle sales fail to offset retail weakness in Singapore.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
- In one line: Goods inflation U-turns, while services inflation remains sticky.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
- Taiwanese headline inflation was above the consensus in May, as goods disinflation U-turned...
- …Services inflation remained above 2%, on high rental prices and a still-tight labour market.
- A better growth outlook could spur the CBC to raise rates next week to combat inflation expectations.
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
Tough start to Q2 for Singaporean consumption
No breach of the BSP’s inflation target range to see here
Moorthy Krshnan (Senior Asia Economist)Emerging Asia
- Retail sales growth in Singapore disappointed hugely in April, falling to a new post-pandemic low...
- …We suspect that a shift to overseas spending was the main culprit, as income growth still looks strong.
- The risk of CPI re-breaching the BSP’s target range continues to wane, on fading non-core pressures.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
ASEAN’s main exporters are finally staging a revival… slowly
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- The BJP’s disappointing result in the 2024 election means the risk of coalition politics in India is back.
- The PMI for ASEAN rebounded well in May, thanks to the fragile recovery of the region’s key exporters.
- Indonesia’s softer-than-expected May CPI bolsters our dovish 2024 view on rates and inflation.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
TAIWAN’S PUNCHY Q1 GDP IS AS GOOD AS IT’LL GET
- …ELECTION TAILWINDS IN INDONESIA’S Q1 ARE IRREPLICABLE
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- In one line: Exports—alone—steal the show in Q1, papering over a continued slowdown in domestic demand.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- India’s Q1 GDP beat expectations, with growth slowing only modestly to 7.8% from 8.6% in Q4…
- …But an unsustainable jump in exports was the lone bright spot; domestic demand continues to slow.
- The slowdown in investment growth is intensifying, while private consumption remains woefully subpar.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
