Gavekal Client Webinar Week Of Sep 6-10
In September's first webinar, Gavekal Dragonomics analysts will discuss the ongoing regulatory crackdown in China to shed light on the impact on the economy and asset markets....
View ArticleInternet Platforms Versus Policy Darlings
China's offshore internet platform stocks saw fresh falls in Asia on Monday morning after reports that the Chinese authorities will break up Ant Group's Alipay business. In recent weeks, some investors...
View ArticleShanghai Seminar (Nov 15)
We are pleased to invite you and your colleagues to our upcoming seminar in Shanghai on November 15. At the event, Arthur Kroeber will present an update on the US-China relationship and Thomas Gatley...
View ArticleA Green Light For Onshore Chinese Equities
Chinese officials are signaling a shift in policy to counter downward pressure on growth, a move which Thomas and Wei believe will set the stage for a rally in onshore equities through 1Q22. The main...
View ArticleValidation For VIEs
China's policymakers have given foreign investors in Chinese internet firms an unexpected gift: regulatory validation for the variable-interest entity, a corporate structure which allows firms to skirt...
View ArticleGavekal Client Webinar Week Of Jan 24-28
China enters 2022 having made a very apparent shift in policy toward supporting economic stability, but it still has very obvious growth problems. The construction downturn is deepening, Covid...
View ArticlePolicy Rhetoric And Market Reality
Chinese equities have been struggling. Despite signalling a clear shift in policy priorities towards supporting growth, policymakers have done little to follow through with substantive easing measures....
View ArticleGavekal Client Webinar Week Of Mar 14-18
Having wrapped up the annual legislative session, China's government has now made its priorities clear: stabilizing economic growth is the top task for 2022. But it faces a daunting list of challenges...
View ArticleCatching The Chinese Equity Knife
Following a deep sell-off, Chinese equities have bounced Wednesday. Will foreign investors quickly return to the market, or will their disaffection prove longer lasting?...
View ArticleLondon Seminar - March 2022
In our latest seminar in London, our team assessed the impact of the war in Ukraine on geopolitics, energy markets and global growth. A key question for investors is the impact on inflation and thus on...
View ArticleGavekal Client Webinar Week Of Apr 18-22
Global growth is under the spotlight as central banks move to crimp an increasingly rampant inflation outbreak. In China, the specter of endless Covid lockdowns threatens to crater domestic demand and...
View ArticleWebinar: Growth Shocks And Political Risk
Global growth is under the spotlight as central banks try to handle inflation. In China, Covid lockdowns threaten domestic demand and global supply chains. Additionally, there is the possibility of a...
View ArticleGavekal Client Webinar Week Of Jun 20-24
The effect of inflation and rising interest rates means our US team thinks a recession is now likely to start there during 2022. Europe looks to have even worse growth problems, as policymakers grapple...
View ArticleWebinar: A Worsening Growth Outlook
Between rampant inflation, rising interest rates and high energy prices, the risk of recession is growing on both sides of the Atlantic. China may be stimulating its economy, but could get stuck in a...
View ArticleGavekal Client Webinar Week Of Jul 11-15
China today is a major source of economic and geopolitical uncertainty. Its zero-Covid policy has isolated it from the rest of the world, and it is unclear how much of an economic cost Beijing is...
View ArticleWebinar: Your Questions About China Answered
China today is a major source of economic and geopolitical uncertainty. Its zero-Covid policy has a significant economic cost, the recovery of the property and tech sectors remains in doubt and the...
View ArticleDon't Count On A Delisting Deal
On Friday the five largest Chinese state-owned enterprises traded on US markets announced their voluntary delisting from the New York Stock Exchange, a coordinated move that seems to have been signed...
View ArticleDelisting Deal Is No Slam Dunk
On Friday US and Chinese securities regulators announced a deal that would allow the US to inspect the books of US-listed Chinese firms, a first step to avoiding a delisting in 2024. The announcement...
View ArticleStrategy Monthly: China's Property Problem
China's property sector is enduring its worst slump in years, weighing on China's wider economy. The result is likely to be only a tepid property-sector recovery in the second half of this year. The...
View ArticleGavekal Client Webinar Week Of Sep 12-16
China's economic troubles show little sign of abating as the Communist Party Congress draws nearer. The property sector is in its worst slump in years, as potential homebuyers are nervous about their...
View ArticleWebinar: China's Economic Troubles Mount
China's economy faces two critical challenges: A property sector is in its worst slump in years. And the economic impact of persistent Covid lockdowns caused by sporadic outbreaks from more...
View ArticleGavekal Client Webinar Week Of Sep 26-30
In this webinar Thomas Gatley will discuss his in-depth research into who owns China's listed firms. Over the past decade the development of domestic capital markets and expansion of industrial policy...
View ArticleWebinar: Who Owns China Inc.?
Thomas Gatley discussed his in-depth research into who owns China's listed firms and answered viewer questions. Over the past decade a new hybrid form of ownership has emerged, which arguably...
View ArticleEmbrace China's Reopening Rally
Investor sentiment on China has turned around rapidly in recent weeks, with the MSCI China up 28% in November and the CSI 300 up 11%. Now investors face the question whether to fade the rally, on the...
View ArticleGavekal Client Webinar Week Of Jan 16-20
China continues to reel from a massive wave of Covid infections, but cases may have already peaked in most places. Please join us for a webinar on the pace of reopening and its market implications. Our...
View ArticleWebinar: China's Covid Surge And The Reopening Rally
China continues to reel from a massive wave of Covid infections, but cases may have already peaked in most places. In this webinar our China team discussed the pace of reopening and its market...
View ArticleWaiting For Local Investors To Join The Party
After a powerful rally since November, Chinese equities have stalled out in February. A stronger, longer reopening rally is more likely if domestic investors begin to share the enthusiasm of foreign...
View ArticleGavekal Client Webinar Week Of Mar 20-24
Hoping to turn the page on a traumatic 2022, China's government has unveiled a new agenda to be carried out by fresh faces in 2023. Newly installed Premier Li Qiang is promising more support for...
View ArticleWebinar: China's New Agenda
Hoping to turn the page on a traumatic 2022, China's government has unveiled a new agenda to be carried out by fresh faces in 2023. In this webinar our China team discusses the outlook for the economy,...
View ArticleGavekal Client Webinar Week Of Apr 24-28
China's economic rebound is well under way, with GDP growth in the first quarter beating expectations on the back of strengthening household consumption and property sales. But many still have doubts...
View ArticleWebinar: A Health Check On China's Recovery
China's economic rebound is well under way, with GDP growth in the first quarter beating expectations on the back of strengthening household consumption and property sales. But many still have doubts...
View ArticleSeeking Safety In China's State Firms
The biggest winners of China's rather underwhelming reopening rally are the stocks of its state-owned enterprises. Defensive mega-caps are decisively outperforming both offshore tech stocks and onshore...
View ArticleThe Trends Underlying China's Dismal Trade Data
China's export data missed expectations in a big way in May, falling -7.5% year-on-year just two months after they dramatically beat expectations in March, rising 14.8%. Both of these swings had the...
View ArticleWhat China's Stimulus Means For Markets
China's markets have perked up since late July, when the leadership signaled more support for the economy. But the government's actions over the past week have generally underwhelmed, with more...
View ArticleGavekal Webinar: After The China Shock
After a nasty deflationary shock, China's macro data have started to turn around at the margin. Yet markets remain unconvinced, with equities headed down and the currency still under pressure. Is this...
View ArticleParis Seminar - September 2023
At out latest seminar in Paris, the speakers discussed the macro outlook in core OECD economies, the chance of a strong Chinese recovery and the pathway of emerging economies that seem to be...
View ArticleWebinar: After The China Shock
After a nasty deflationary shock, China's macro data have started to turn around at the margin. Yet markets remain unconvinced, with equities headed down and the currency still under pressure. Our...
View ArticleThe Evergrande Risks Escalate
China Evergrande Group, the giant property developer whose financial travails have weighed on Chinese markets for two years now, is threatening to wreak even more damage to China's real-estate sector...
View ArticleThe Catalysts For Chinese Equities
Chinese stocks have perked up since late October, making modest gains after two important developments helped ease some long-standing worries among investors. For this moment of cautious optimism to...
View ArticleThe China-EM Equity Decoupling
Global investors have long treated Chinese and other emerging-market equities as a single asset class. Those days may now be over. Thomas and Udith examine why declining US treasury yields and a...
View ArticleGavekal Client Webinar Week Of Jan 22-26
China's economy is limping into 2024, beset by a deflationary dynamic of deficient domestic demand. Markets are depressed too: prices of bonds and equities show little optimism for future growth...
View ArticleNavigating The China Value Trap
Chinese stocks have opened 2024 with a spectacular nosedive. As of Tuesday's close, the MSCI China was down -10% year-to-date, with scant hope for the kind of reacceleration in nominal growth that has...
View ArticleWebinar: Dealing With China's Deflation
China's economy is limping into 2024, beset by a deflationary dynamic of deficient domestic demand. Markets are depressed too: prices of bonds and equities show little optimism for future growth...
View ArticleChina's Coming Trade War With Europe
China's sudden emergence as the world's largest car exporter, and its doubling down on an export-led growth model as its domestic economy totters, have created the risk of a new round of trade wars....
View ArticleVideo: The Chinese Equity Rout
On Wednesday, China replaced its stock market regulator as part of a series of choreographed interventions seemingly intended to bolster support for bombed-out equities and so avert a spiral of decline...
View ArticleHow China Keeps Russia In Business
As Russia's war in Ukraine passes the second-year mark, it is clear that Western sanctions have failed to cripple Russia's economy or stop its war effort. A major reason for this is China's economic...
View ArticleGavekal Client Webinar Week Of Mar 18-22
While US tech stocks have been getting all the publicity, capital has quietly been flowing into emerging market investments over recent months. Brazilian and Mexican bonds have handsomely outperformed...
View ArticleWebinar: Animal Spirits In The Emerging Markets
While US tech stocks have been getting all the publicity, capital has quietly been flowing into emerging market investments over recent months. To gauge market prospects over the rest of 2024, Udith...
View ArticleGavekal Client Webinar Week Of Apr 1-5
Developed economies-and now big emerging markets too-increasingly accuse China of unfair competition in a swathe of economic segments from steel, through solar panels to electric vehicles. And they are...
View ArticleWebinar: The Coming Age Of Protectionism
This webinar examines the probable extent of anti-China protectionism around the world, assesses the consequences for China's manufacturing industries and growth outlook, and gauges the risk to other...
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