Research
Asia's $25 Billion Exit: Why the Bank Rotation Is a Repricing, Not a Risk-Off Trade
Foreign investors pulled $25.48 billion from Asia in July, but the concentrated exit from AI hardware is masking a bank-led repricing of regional growth.
Asia Markets
Research
The $36.6 Billion Yen Rescue: Why Joint Intervention Buys Time, Not a New Exchange-Rate Regime
The first joint US-Japan yen intervention since 2011 is a backstop against disorderly markets, but it buys BOJ time rather than creating a durable FX floor.
Research
Seoul's 18% Rebound: Why Korea's Leveraged Washout Is Not a Bottom
South Korea's record rebound shows forced selling has eased, not that the market has found a durable floor. The next trade is about structure, not speed.
Hong Kong
The Discipline Is Back: Hong Kong's IPO Window Reopened, and This Time the Buy Side Is Pricing Post-Listing Survival
Luxshare Precision raised HK$24.27 billion in Hong Kong last week and its shares fell as much as 9.6 percent on debut. Momenta debuted flat. MiniMax dropped 18 percent intraday when its lock-up expired. The Hong Kong IPO window is open again, but the pricing regime has quietly changed. Scarcity mult
Asia Markets
Hong Kong's Worst Week in a Year: Why the Hang Seng's Bear Market Is About AI Plumbing, Not China Growth
The Hang Seng's 5.24% weekly drop and the HSCEI's slide to 22% off its January peak look like a China bear market on the surface. They aren't. The selling originated in leveraged Korean AI books and propagated through Asian time zones into the most liquid AI proxies in Hong Kong. The China story is
Research
Ueda's Silence at the Kantei: Why the Political Variable, Not the Inflation Data, Is the Binding Constraint on June
Markets are pricing 80% odds of a BoJ hike on June 15-16. Ueda's six-word sentence after his Friday meeting with PM Takaichi is what is not in the price.
Research
China's April Reset: Why Beijing Is Defending a Policy Regime, Not a Growth Target
China's April data printed the weakest retail growth since December 2022. The interesting question is which 4.5% target Beijing is willing to miss.