Monday morning links

  • Japanese PM Suga resigned: Yoshihide Suga announced that he would resign as Japan’s prime minister to focus fully on dealing with COVID-19.

  • Chinese crackdown on negative news: The Chinese government has begun a two-month campaign to take action against those who “bad-mouth China’s financial markets and falsely interpret domestic policies and economic data”. This might put analysts’ credibility into question since they will be forced to lean bullish.

  • Beijing Stock Exchange: Xi Jinping announced plans to set up a stock exchange in Beijing to compete with those in Shanghai and Shenzhen.

  • Potential Evergrande bankruptcy: Creditors demand immediate repayment of their loans to China Evergrande, the world’s most indebted company. I wrote about Evergrande on VIC a few years ago here.

  • Indonesian QE: Bank Indonesia is starting to monetise US$31bn worth of government debt. It remains to be seen how this will affect the US Dollar / Rupiah exchange rate.

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Chart of the week – China, Taiwan and Thailand now the biggest underweight in investor portfolios

Thanks for reading, and I wish you a great week ahead!

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