- The Asia Report
- Top Reads of The Week 19/11/2023
Top Reads of The Week 19/11/2023
The recent meeting between Presidents Xi and Biden has been welcomed as a step towards defusing tensions between the US and China.
However, the task of restoring investor confidence in China remains daunting given the serious economic headwinds facing the country.
As discussed last week, there are deep structural forces at play beyond just a cyclical downturn.
China's economic trajectory has major implications for the region, so one hopes Beijing can find ways to turn the tide.
Meanwhile in Singapore, the three big local banks reported earnings that were satisfactory despite slower loan growth constraining profit growth amidst an economic slowdown this year.
The banks remain well-positioned, but will need to stay vigilant on asset quality if global growth further deteriorates.
Top Reads of The Week
Chinese stocks have been a US$955 billion blunder for 2023 market forecasters bears still have reasons
Chinese equities have massively underperformed expectations in 2023, shedding nearly $1 trillion in valuations as stringent COVID policies, real estate woes, and tensions with the US weigh on sentiment.
Xi Says China Seeks to Be Friends With U.S., Wants Peaceful Ties
Despite escalating rivalry, President Xi signaled openness to friendly China-US relations at the G20, striking a conciliatory tone amid efforts to manage competition.
Biden Says US Wants Better Relationship to Help China’s Economy
Post-G20, Biden adopted a cooperative stance on ties with Beijing to boost China's economy, easing his earlier designation of China as America's top competitor.
Biden and Xi Have Far to Go If They Want to Lift Cold War Clouds
Despite conciliatory tones at the G20, deeply rooted divisions still impede easing of Cold War-style tensions between the US and China.
China Having Hard Time Wooing Wall Street
Unpredictable COVID policies, property debt woes, US-China decoupling, and strategic uncertainty have hindered China's efforts to regain Wall Street favor.
Singapore’s housing rally set to end, Morgan Stanley says
Morgan Stanley foresees Singapore's red-hot housing market peaking within months as rising interest rates undermine affordability.
DBS reports 3QFY2023 net profit $2.63 bil, 9MFY2023 net profit $7.89 bil, new high
DBS hit record quarterly and 9-month profits on broad momentum across consumer banking, wealth management, institutional banking and other divisions.
UOB reports core net profit $1.48 bil in 3QFY2023, 5% higher y-o-y
UOB's third quarter earnings climbed 5% year-on-year, aided by higher net interest income and lower allowances.
OCBC reports 3QFY2023 net profit $1.81 bil, 9MFY2023 net profit new high $5.4 bil
OCBC achieved a record high nine-month net profit, with third quarter earnings up 26% on expanded net interest income.