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Economics and Macro Strategy
Group Research22 May 2019
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    Macro Insights Video View Latest Reports >

    Macro Strategty Daily View Latest Reports >

    Economics & Macro Strategy Flash View Latest Reports >

    Weekly (Chart of the Week (on Mondays); Weekly (on Fridays) View Latest Reports >

    Focus & Thematic View Latest Reports >

    Rates View Latest Reports >

    Chart book View Latest Reports >

     


    Video Series: DBS Macro Insights


    Date Report
    May 13, 2019 Our ETF Strategy  HTML
    May 6, 2019 Sing Dollar: What's it all about? HTML
    April 12, 2019 Our China outlook HTML
    April 4, 2019 From Trade War to Tech War English|Chinese MP4
    March 22, 2019 FOMC meeting and implication for assets HTML
    March 5, 2019 India’s economy and markets around elections HTML
    February 27, 2019 GDP Nowcasting (China, India, Singapore) HTML
    February 19, 2019 Singapore Budget 2019 HTML

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    Macro Strategy Daily

    Date Report
    May 22, 2019 Drivers of a weak SGD and THB outlook  HTML
    May 21, 2019 No FX respite from election outcomes HTML
    May 17, 2019 Capping USDCNH with a higher CNH Hibor; UST yields bounce off support  HTML
    May 16, 2019 Brexit dynamic GBP negative; concerns on Libor/Hibor spread   HTML
    May 15, 2019 INR bonds eye liquidity support; Bond flows in Malaysia and China set to improve HTML
    May 14, 2019 RMB is bound for 6.9; SGD rates underperformance to persist  HTML
    May 13, 2019 Trade tensions alive and lurking; rates brace for more volatility HTML
    May 10, 2019 High noon for China-US trade talks HTML
    May 9, 2019 US-China trade tensions front and centre HTML
    May 8, 2019 Market pricing on trade talks still tentative; BNM eases policy rate  HTML
    May 7, 2019 Keep those seat belts buckled  HTML

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    Economics & Macro Strategy Flash 


    Date Report
    May 22, 2019 SGD rates: Tight liquidity HTML|PDF
    May 22, 2019 Eurozone: Politics over economics HTML|PDF
    May 21, 2019 Advantage ruling coalition, as per India's exit polls  HTML|PDF
    May 21, 2019 Recalibrating Singapore's GDP outlook HTML|PDF
    May 14, 2019 Impact of escalating trade war on Taiwan HTML|PDF
    May 14, 2019 India: Market volatility to hurt June rate cut odds HTML|PDF
    May 10, 2019 China: Stimulus is working; more coming HTML|PDF
    May 9, 2019 Philippines: BSP to cut rates soon HTML|PDF
    May 2, 2019 Taiwan: No recession, but tepid growth ahead HTML|PDF
    April 30, 2019 China: Economy still fragile despite stabilisation policies HTML|PDF
    April 30, 2019 Malaysian bonds: from bullish to neutral HTML|PDF
    April 26, 2019 Malaysia: Rate cut ahead HTML|PDF
    April 18, 2019 Pressure eases on Indonesia's trade balance HTML|PDF
    April 17, 2019 India: Tempering growth expectations HTML|PDF
    April 16, 2019 Singapore’s GDP: Expect a better 2H19 HTML|PDF
    April 16, 2019 China: Stable signs, slower growth HTML|PDF
    April 12, 2019 China: Higher CPI will not tighten policy HTML|PDF
    April 11, 2019 ECB is dovish but keeping its power dry HTML|PDF
    April 10, 2019 Low aggregate balances to gently lift Hibor HTML|PDF
    April 8, 2019 South Korea & Taiwan: Tentative signs of a bottom HTML|PDF
    April 4, 2019 India: RBI leaves door open for another neutral cut HTML|PDF
    April 4, 2019 No urgency to tighten SGD policy HTML|PDF
    March 28, 2019 India’s current account math to improve HTML|PDF
    March 27, 2019 China stimulus tracker: A one-year report card HTML|PDF
    March 26, 2019 Philippine Bonds: Soaring returns HTML|PDF
    March 20, 2019 Thailand: Elections a bigger watch factor than rate review HTML|PDF
    March 19, 2019 India’s trade deficit with China has improved HTML|PDF
    March 18, 2019 Thailand: THB seasonality to flip HTML|PDF
    March 14, 2019 Shanghai trip notes: Weak demand; improving liquidity HTML|PDF
    March 14, 2019 Malaysia: Bank Negara turned marginally dovish HTML|PDF
    March 12, 2019 SGD rates: Time to outperform HTML|PDF
    March 8, 2019 European Central Bank turns a dovish hue HTML|PDF
    March 6, 2019 Malaysian Bonds: Fiscal concerns easing HTML|PDF
    March 6, 2019 India: US considers withdrawal of trade concessions HTML|PDF
    March 5, 2019 South Korea & Taiwan: lower inflation, stable rates HTML|PDF
    February 20, 2019 Indonesia election watch: energy, food and infrastructure  HTML|PDF
    February 18, 2019 Eurozone: Policy normalisation plans on ice HTML|PDF
    February 14, 2019 Japan: Three key growth challenges in 2019 HTML|PDF
    February 7, 2019 India: RBI’s dovish turn HTML|PDF
    February 7, 2019 Brexit endgame – deal or no deal HTML|PDF
    February 1, 2019 India budget: Pro-consumption bias HTML|PDF
    February 1, 2019 Tech clouds Taiwan’s growth outloom more than South Korea HTML|PDF
    January 31, 2019 China: PMI highlights need for further policy support HTML|PDF
    January 22, 2019 Top-10 investment strategies for 2019: #10 China: Growth continues to slow HTML|PDF
    January 21, 2019 China: Growth continues to slow HTML|PDF
    January 21, 2019 Top-10 investment strategies for 2019: #9 Short CNY HTML|PDF
    January 18, 2019 Indonesia: Likely end of BI tightening cycle  HTML|PDF
    January 18, 2019 Top-10 investment strategies for 2019: #8 India govvies curve to steepen HTML|PDF
    January 17, 2019 Top-10 investment strategies for 2019: #7 We like short-dated Chinese BBs for carry  HTML|PDF
    January 16, 2019 Top-10 investment strategies for 2019: #6 Short AUD HTML|PDF
    January 15, 2019 Top-10 investment strategies for 2019: #5 Bullish 10Y China govvies HTML|PDF
    January 14, 2019 Top-10 investment strategies for 2019: #4 Support for high grade credit, especially BBB HTML|PDF
    January 11, 2019 Top-10 investment strategies for 2019: #3 Long Indonesian equities HTML|PDF
    January 10, 2019 India fiscal: Treading a fine-line  HTML|PDF
    January 10, 2019 China: Disinflation is back HTML|PDF
    January 10, 2019 Top-10 investment strategies for 2019: #2 Looking for USDSGD to hit 1.40 HTML|PDF
    January 9, 2019 Top-10 investment strategies for 2019: #1 Bet on more rate hikes by the Fed HTML|PDF
    January 7, 2019 China: More policy support in the pipline HTML|PDF
    January 2, 2019 Taiwan faces more risks from weak PMIs than South Korea HTML|PDF
    January 2, 2019 Singapore: Ending 2018 on a low note HTML|PDF
    December 20, 2018 US: A marginally dovish hike HTML|PDF
    December 14, 2018 India: Nexus of improving inflation and BOP but moderate growth HTML|PDF
    December 13, 2018 FX: Effective link between tariffs and CNY HTML|PDF
    December 5, 2018 India: RBI sets course for a prolonged pause HTML|PDF
    December 3, 2018 India: Slowing growth momentum; RBI pause likely HTML|PDF
    November 30, 2018 South Korea: BOK’s cautious hike HTML|PDF
    November 27, 2018 Manila trip notes: room for optimism HTML|PDF
    November 27, 2018 Taiwan: Post local election landscape HTML|PDF
    November 26, 2018 India’s state elections kickstart busy political period HTML|PDF
    November 21, 2018 Philippines: further policy rate hike is likely HTML|PDF
    November 20, 2018 Hong Kong: Looking beyond the typhoon HTML|PDF
    November 20, 2018 Thailand: Slow 3Q growth challenges hawkish BOT HTML|PDF
    November 16, 2018 Bank Indonesia’s ahead-of-the-curve move HTML|PDF
    November 14, 2018 Thailand: BOT signals hike is near HTML|PDF
    November 13, 2018 Indonesia: Worsening current account still manageable HTML|PDF
    November 13, 2018 India: Soft CPI gives RBI room to pause HTML|PDF
    November 7, 2018 Malaysia Budget 2018 - Recalibration HTML|PDF

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    Weekly


    Date Report
    May 21, 2019 Chart of the Week: Gauging the trade war vulnerability of Asian economies HTML|PDF
    May 17, 2019 Weekly: A China-US decoupling scenario HTML|PDF
    May 13, 2019 Chart of the Week: Trade wars have yet to alter global investment dynamics HTML|PDF
    May 10, 2019 Weekly: Global and trade wars HTML|PDF
    May 6, 2019 Chart of the Week: Trade recovery hostage to US-China trade talks HTML|PDF
    May 3, 2019 Weekly: Reviewing global price trends HTML|PDF
    April 29, 2019 Chart of the Week: Weak trade figures will persist, but don’t worry HTML|PDF
    April 26, 2019 Monthly: Waiting for a trade revival HTML|PDF
    April 22, 2019 Chart of the Week: Asian equity funds flush with cash to deploy  HTML|PDF
    April 18, 2019 Weekly: China's positive impulse to the global economy HTML|PDF
    April 15, 2019 Chart of the Week: Foreign investors eye China's bond markets HTML|PDF
    April 12, 2019 Weekly: Don't dismiss inflation HTML|PDF
    April 8, 2019 Chart of the Week: Singapore GDP and MAS meeting are the focus this week HTML|PDF
    April 5, 2019 Weekly: View from Europe - a tentative trough HTML|PDF
    April 1, 2019 Chart of the Week: Tech war and electronics supply chain relocation: who could benefit? HTML|PDF
    March 29, 2019 Monthly: Can markets pull up the global economy? HTML|PDF
    March 25, 2019 Chart of the Week: US recession probabilities rise, but when?  HTML|PDF
    March 22, 2019 Weekly: Global economy gets a helping hand from the Fed and China HTML|PDF
    March 18, 2019 Chart of the Week: Fed vs Markets HTML|PDF
    March 15, 2019 Weekly: No to no-deal Brexit HTML|PDF
    March 11, 2019 Chart of the Week: US dollar still in vogue, SWIFT data suggests HTML|PDF
    March 8, 2019 Weekly: Real Interest Rates in Asia: Room to Ease HTML|PDF
    March 4, 2019 Chart of the Week: Asian property prices HTML|PDF
    March 1, 2019 Weekly: What will cause global trade to bottom? HTML|PDF
    February 25, 2019 Chart of the Week: Keeping an eye on China’s growth momentum HTML|PDF
    February 22, 2019 DBS Monthly: Slowing growth; buoyant markets HTML|PDF
    February 18, 2019 Chart of the Week: Fund flows turn to Asia HTML|PDF
    February 15, 2019 Weekly: China stimulus to the rescue? HTML|PDF
    February 11, 2019 Chart of the Week: Behind the rise of Chinese smartphone makers HTML|PDF
    February 8, 2019 Weekly: #10yearchallenge for economies and markets HTML|PDF
    February 4, 2019 Chart of the Week: China slowdown’s direct impact on global trade HTML|PDF
    February 1, 2019 Weekly: Three factors that could spoil a "Powell Put" HTML|PDF
    January 28, 2019 Chart of the Week: Asia inflation watch-easing headline vs stubborn core HTML|PDF
    January 25, 2019 Monthly: Hard Brexit and other disruptive scenarios HTML|PDF
    January 21, 2019 Chart of the Week: Tech cycle weakness adds to regional trade woes HTML|PDF
    January 18, 2019 Weekly: Widespread trade slowdown HTML|PDF
    January 14, 2019 Chart of the Week: China’s plunging imports and rising trade surpluses HTML|PDF
    January 11, 2019 Weekly: Trades to carry through the market fog HTML|PDF
    January 7, 2019 Chart of the Week: Volatile days HTML|PDF
    January 4, 2019 Weekly: Under China's lengthening shadow HTML|PDF
    December 14, 2018 Weekly: 2018 - A scorecard (what we got right and what we got wrong) HTML|PDF
    December 11, 2018 Chart of the Week: While the US is slowing, Europe is slowing faster HTML|PDF
    December 3, 2018 Weekly: Five ways Asia can decouple from a slowing US HTML|PDF
    December 4, 2018 Chart of the Week: Nowcast shows China’s growth easing toward 6% HTML|PDF
    December 3, 2018 DBS 2019-20 Outlook Fading Momentum HTML|PDF
    November 26, 2018 Chart of the Week: Volatility strikes back HTML|PDF
    November 23, 2018 Weekly: Monetary policy in 2019: where are rates going? HTML|PDF
    November 19, 2018 Chart of the Week: China's weakening monetary policy Transmission HTML|PDF
    November 16, 2018 Weekly: Peak Dollar? Not quite HTML|PDF
    November 12, 2018 Chart of the Week: PMIs show persistent HTML|PDF
    November 9, 2018 Weekly: Reprieve for EM, for now HTML|PDF
    November 5, 2018 Chart of the Week: Soybean as a proxy for trade war sentiments HTML|PDF
    November 2, 2018 Weekly: Wanted: More Swap Lines HTML|PDF

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    Focus & Thematic


    Date Report
    May 17, 2019 What’s driving India’s debt markets? HTML|PDF
    May 14, 2019 USD Rates: What will prompt the Fed to cut? HTML|PDF
    May 6, 2019 China: RRR cut signals PBoC still supportive HTML|PDF
    April 30, 2019 India: Resilient remittances HTML|PDF
    April 29, 2019 Monthly: Waiting for a trade revival HTML|PDF
    April 24, 2019 ETF Strategy – Singapore offers plenty of diversification HTML|PDF
    April 1, 2019 Asia equities - Another volatile month ahead HTML|PDF
    March 29, 2019 Monthly: Can markets pull up the global economy? HTML|PDF
    March 27, 2019 USD rates: Flat, flatter, inverted HTML|PDF
    March 21, 2019 Fed’s dovish tilt and market implications HTML|PDF
    March 14, 2019 Understand China: China-US: From trade war to tech war HTML|PDF
    March 12, 2019 India: Policy transmission, through banks and markets, will be key HTML|PDF
    March 12, 2019 Understanding China – Self-Sufficiency 2.0 HTML|PDF
    March 7, 2019 Hong Kong – Core of the Greater Bay Area HTML|PDF
    March 6, 2019 USD rates: Pause, not stop HTML|PDF
    March 4, 2019 China rates and credit: Unearthing value HTML|PDF
    February 28, 2019 India's economy and markets around elections HTML|PDF
    February 22, 2019 DBS Monthly: Slowing growth; buoyant markets HTML|PDF
    February 19, 2019 Singapore Budget 2019: Deepening enterprise capabilities, strengthening social support HTML|PDF
    February 19, 2019 Ricks in China's bond and credit markets HTML|PDF
    February 14, 2019 SGD Rates: The SSB swing factor HTML|PDF
    February 14, 2019 Election watch in India, Indonesia, and Thailand:  Plenty of drama, but market implication largely neutral  HTML|PDF
    February 11, 2019 Rates: The Libor SOFR transition HTML|PDF
    February 7, 2019 Brexit endgame – deal or no deal HTML|PDF
    January 30, 2019 Philippines: Public spending to support growth HTML|PDF
    January 29, 2019 Singapore Budget 2019: Sustained support for firm level restructuring HTML|PDF
    January 28, 2019 Singapore Budget 2019: Helping the "newly vulnerable HTML|PDF
    January 25, 2019 Monthly: Hard Brexit and other disruptive scenarios HTML|PDF
    January 24, 2019 Thailand: Trade and growth jitters HTML|PDF
    January 21, 2019 India: Easing inflation – macro positive, micro concern HTML|PDF
    January 7, 2019 US Rates: Late Cycle HTML|PDF
    November 12, 2018 DBS 2019-20 Outlook Fading Momentum HTML|PDF
    November 12, 2018 Understanding China: Greater Bay Area: A Capital/Labour/Tech Mega-hub HTML|PDF
    November 8, 2018 India: Non-banks not out of the woods HTML|PDF

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    Rates Dashboard


    Date Report
    May 21, 2019 SG

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    Chart Book


    Date Report
    May 14, 2019 South Korea chart book: An improving cycle vulnerable to trade wars HTML|PDF
    May 6, 2019 Hong Kong chart book: Gradual improvement in the making HTML|PDF
    April 23, 2019 Thailand chart book: Slower growth, eye on election outcome HTML|PDF
    February 18, 2019 China chart book: Some relief from January exports HTML|PDF
    December 10, 2018 DBS Annual Chartbook: 2019 in 64 charts HTML|PDF
    November 19, 2018 Hong Kong Chart book: Increasing external headwinds HTML|PDF
    October 15, 2018 India chart book: Volatility overshadows growth HTML|PDF
    October 2, 2018 Taiwan chart book – Policy remains neutral HTML|PDF
    September 4, 2018 Malaysia chart book - Recalibrating growth HTML|PDF
    August 21, 2018 Singapore chart book - Speed bump ahead HTML|PDF
    August 7, 2018 Indonesia chart book – Consumption trumps weak trade HTML|PDF

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