Visual Feed

IIF bank lending - Asia vs Global EM
IIF bank lending - Asia vs Global EM

More Asian banks are reporting tighter funding conditions + faster rise in NPLs than their Global EM peers

China credit growth
China credit growth

Shadow bank loans still grew during 2H13 – albeit more slowly – to around 65% of GDP. By contrast, conventional bank loans have leveled off to <135% of GDP.

HSBC China growth contribution
HSBC China growth contribution
HSBC China growth contribution
HSBC China growth contribution
HSBC PMI Heatmap (5 Feb)
HSBC PMI Heatmap (5 Feb)

With EU and Japan improving, US data subject to weather disturbances and China PMI falling <50, HSBC asks: Can the world de-couple from China?

Summary Recommends
Summary Recommends

Summary of our key trades and recommendations (including entry points) for the 10 Asian local markets under our coverage

Vietnam VGBs
Vietnam VGBs

#10 – Vietnam VGBs: Only bright spot – Carry – will cheapen further on higher Inflation risks.

India GSecs
India GSecs

#9 – India GSecs: Correction period expected for bonds and INR

Thailand ThaiGBs
Thailand ThaiGBs

#8 – Thailand ThaiGBs: Lower downside in bond yields and heightened political risks may pressure THB weaker