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China kills two birds with one stone

Weekly investor research

24 November 2014

If inflation is slowing because a government is undertaking serious structural adjustment there are grounds for being optimistic. This is China today. If inflation is slowing because a government is unable to undertake much needed structural adjustment you have a problem. Add in a major debt overhang and you are in big trouble. This is Europe and Japan today. This week we discuss China’s rate cut and interest rate liberalisation, subsidy cuts in Indonesia and Malaysia, the Russian economy plus the usual snippets. The discussion of the global backdrop focuses on ECB President Mario Draghi’s dovish comments and Japanese Prime Minister Shinzo Abe’s decision to call early elections. Finally, we put the latest US CPI print into context ahead of the 19 December FOMC meeting.

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