Asia Insight

Stay up-to-date with what’s happening in Asia

Blackfriars Asset Management

Asia Insight

December 2018

In this issue
  • Powell turns off the auto pilot – thank goodness
  • Credit market turmoil and slowing growth
  • China – QT or monetary easing?
  • Asian valuations attractive, progress on trade talks and a dovish Fed would help
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Previous Asia Insight

November 2018
• Regional recovery on softer Fed comments
• G20 progress upended by Huawei arrest
• Mixed economic data but broadly positive
• Geopolitics remains centre stage
October 2018
• Asia ex trades at 1.2x PBR for the fourth time in 20 years
• Except for China, global emerging markets leverage very low
• Titbits on US corporate leverage and huge intangibles on balance sheet
• Asia trades at huge and unjustified discount to MSCI World and MSCI US
September 2018
• Macro headwinds persist
• Chart of the year – change in global trade patterns
• Indian NBFC default. Tough but manageable
• Period of seasonal weakness (almost) over
August 2018
• Generally solid 1H results announced
• Trade and other macro fears persist
• Valuations remain supportive