Analysis on Fixed Income, Fx & Equity Markets

Over the past six months, the Japanese yen has been the worst performing major currency in the world, yet its bond market has been one of the best. In fact, in risk-adjusted terms (taking... 2013-03-20

We have taken profit on our individual bullish Shanghai Composite and bearish Hang Seng Financials views, at a profit of 8.5% and 8.0% respectively. We have replaced this with a 'Shanghai... 2013-03-19

Our decision to take profit on our bearish Australian dollar view served us well, with the unit outperforming the region over the past week. Owing to our view that the currency is significantly... 2013-03-18

Our decision to introduce a 'Japan over Korea' autos view into our macro-industry strategy last week has proven timely, with the currency-adjusted Toyota/Hyundai ratio moving 6.7% in... 2013-03-12

We have closed out of our bearish Australian dollar position at a gain of 6.4% and replaced it with a bearish Korean won position. While we remain fundamentally bearish towards the... 2013-03-11

We are turning outright bearish on the 10-year Japanese government bond (JGB) at the current yield of 0.64%. Yields have collapsed across the curve in recent weeks in anticipation that... 2013-03-06

Japanese government bond yields collapsed across the curve last week on hopes of a ramp up in central bank buying. We continue to wait for good entry point to turn bearish on the 5-year... 2013-03-04

Our decision to exit from our bullish view on the Ho Chi Minh Stock Index (VNI) on February 20 has proven to be timely, with the index having lost around 3.4% to close at 474 on February... 2013-03-01

Our decision to turn bearish Chinese financials via the Hang-Seng Financials Index is bearing fruit, with the index falling 3.0% over the past week.

We remain bearish on the Australian and New Zealand dollars due to their extreme overvaluation, high levels of external debt, and poor medium-term growth prospects.