Anthony Rowley

Anthony Rowley

Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London

Latest from Anthony Rowley

Macroscope | Coronavirus chaos lays bare the price of uncertainty in a connected global economy

Fukushima, Sars and now the novel coronavirus are showing up the increasing vulnerability of global supply chains to uncertainty and disruption. We need to study, map and measure these risks before global cooperation crumbles.

17 Feb 2020 - 1:00AM

Fukushima, Sars and now the novel coronavirus are showing up the increasing vulnerability of global supply chains to uncertainty and disruption. We need to study, map and measure these risks before global cooperation crumbles.

Coronavirus chaos lays bare the price of uncertainty in a connected global economy
Macroscope | Why Asia, too, mourns Brexit and the end of the European dream

Asia has sought in vain for a euro-style regional currency to challenge the US dollar since the 1997 financial crisis. The euro, for all its faults, is still the only currency capable of opposing dollar tyranny. But now, with a weakened EU, even that dream is fading

10 Feb 2020 - 1:00AM

Asia has sought in vain for a euro-style regional currency to challenge the US dollar since the 1997 financial crisis. The euro, for all its faults, is still the only currency capable of opposing dollar tyranny. But now, with a weakened EU, even that dream is fading

Why Asia, too, mourns Brexit and the end of the European dream
Macroscope | Falling FDI flows are yet another wake-up call about the health of the global economy

The stalling of FDI growth, the lifeblood of trade and economic activity, is another sign the global economy has swapped honest growth for a risky model based on excess liquidity, borrowing and consumption, making it vulnerable to risks such as the Wuhan coronavirus.

2 Feb 2020 - 7:35PM

The stalling of FDI growth, the lifeblood of trade and economic activity, is another sign the global economy has swapped honest growth for a risky model based on excess liquidity, borrowing and consumption, making it vulnerable to risks such as the Wuhan coronavirus.

Falling FDI flows are yet another wake-up call about the health of the global economy
Macroscope | Stock markets are grossly overvalued, but Trump’s not going to burst the bubble in an election year

Stock markets across the world have price-to-earnings ratios well above their 15-year averages. But with accommodative monetary policy entrenched, and Trump sure to keep up pressure on the Fed, expect easy credit to continue to push markets to morbid heights, for now.

27 Jan 2020 - 1:00AM

Stock markets across the world have price-to-earnings ratios well above their 15-year averages. But with accommodative monetary policy entrenched, and Trump sure to keep up pressure on the Fed, expect easy credit to continue to push markets to morbid heights, for now.

Stock markets are grossly overvalued, but Trump’s not going to burst the bubble in an election year
Macroscope | Thawing China-Japan relations may have hit a cold front with latest World Trade Organisation move

China and Japan’s slowing economies should motivate greater cooperation. However, Japan teaming up with the US and EU to push for WTO rules that strike at the heart of China’s economic model presents a challenge.

17 Feb 2020 - 3:23PM

China and Japan’s slowing economies should motivate greater cooperation. However, Japan teaming up with the US and EU to push for WTO rules that strike at the heart of China’s economic model presents a challenge.

Thawing China-Japan relations may have hit a cold front with latest World Trade Organisation move
Macroscope | Stock markets haven’t shrugged off the Iran crisis. They are simply rooted to the spot

Investors may not endorse Trump’s leadership but the tidal wave of money unleashed by central banks over the past decade has no other place to go. When the music stops, as it will, brace yourselves for an economic slump beyond analysts’ wildest fears.

13 Jan 2020 - 1:00AM

Investors may not endorse Trump’s leadership but the tidal wave of money unleashed by central banks over the past decade has no other place to go. When the music stops, as it will, brace yourselves for an economic slump beyond analysts’ wildest fears.

Stock markets haven’t shrugged off the Iran crisis. They are simply rooted to the spot
Macroscope | Climate change ETFs, anyone? China’s green bonds show how sustainable investment can work

The UN has a climate action plan and investors are increasingly heeding the call for sustainable investing, but options remain fuzzy. China’s focus on green finance may be the most pragmatic way to get much-needed funds into climate action.

5 Jan 2020 - 8:08PM

The UN has a climate action plan and investors are increasingly heeding the call for sustainable investing, but options remain fuzzy. China’s focus on green finance may be the most pragmatic way to get much-needed funds into climate action.

Climate change ETFs, anyone? China’s green bonds show how sustainable investment can work
Macroscope | 2020 may be the year when the ‘largest, broadest and fastest’ wave of debt crashes over the global economy. You have been warned

The World Bank has provided a chilling analysis of the latest tidal wave of borrowing, which had reached $55 trillion by 2018. Even though interest rates are low now, they provide no sure-fire protection against debt crises.

30 Dec 2019 - 1:00AM

The World Bank has provided a chilling analysis of the latest tidal wave of borrowing, which had reached $55 trillion by 2018. Even though interest rates are low now, they provide no sure-fire protection against debt crises.

2020 may be the year when the ‘largest, broadest and fastest’ wave of debt crashes over the global economy. You have been warned
Macroscope | Boris Johnson’s post-Brexit Global Britain sounds good – and that’s about it

The vision of a Global Britain, crusader of free trade and democracy, leading a league of like-minded nations smacks of delusions of grandeur. The fact is, a post-industrial, services-reliant UK economy is probably not strong enough to survive being cut adrift.

22 Dec 2019 - 10:00PM

The vision of a Global Britain, crusader of free trade and democracy, leading a league of like-minded nations smacks of delusions of grandeur. The fact is, a post-industrial, services-reliant UK economy is probably not strong enough to survive being cut adrift.

Boris Johnson’s post-Brexit Global Britain sounds good – and that’s about it
Macroscope | The dangerous mirage of America’s continued prosperity

The signs of US prosperity are brisk jobs creation and confident spending. But many of the new jobs are insecure and poorly paid and the colossal household debt is sustainable only at current record low interest rates.

16 Dec 2019 - 1:00AM

The signs of US prosperity are brisk jobs creation and confident spending. But many of the new jobs are insecure and poorly paid and the colossal household debt is sustainable only at current record low interest rates.

The dangerous mirage of America’s continued prosperity
Review | Asia’s growth miracle? There wasn’t one – just a lot of hard work, say authors of a new history of region’s development

Many of the explanations offered for Asia’s economic transformation don’t hold water, say the authors of Asia’s Journey to Prosperity, and its continued rise is not assured.

10 Dec 2019 - 8:32PM

Many of the explanations offered for Asia’s economic transformation don’t hold water, say the authors of Asia’s Journey to Prosperity, and its continued rise is not assured.

Asia’s growth miracle? There wasn’t one – just a lot of hard work, say authors of a new history of region’s development
Macroscope | A stock market correction – long overdue – will tip the global economy into a perfect storm

A flurry of mergers and acquisitions amid falling trade investment and business confidence suggest an imminent stock market correction, even as distracted world leaders fail to pay attention to a global economy ravaged by trade wars.

10 Dec 2019 - 10:30AM

A flurry of mergers and acquisitions amid falling trade investment and business confidence suggest an imminent stock market correction, even as distracted world leaders fail to pay attention to a global economy ravaged by trade wars.

A stock market correction – long overdue – will tip the global economy into a perfect storm
Macroscope | Huge public, corporate and household debt looks like the ‘new normal’ for the global economy – until the next crisis

Large debts at the public and private level may not matter as long as growth continues and interest rates remain low. That could all change should a new financial crisis creep up on the global economy, as has happened before.

2 Dec 2019 - 1:00AM

Large debts at the public and private level may not matter as long as growth continues and interest rates remain low. That could all change should a new financial crisis creep up on the global economy, as has happened before.

Huge public, corporate and household debt looks like the ‘new normal’ for the global economy – until the next crisis
Macroscope | How China-led AIIB and US-backed ADB can cooperate in the infrastructure ‘Great Game’, starting in Central Asia

The Asian Development Bank’s activities in Central Asia may look like a challenge to AIIB and belt and road projects. But Beijing may well welcome help in bridging the vast infrastructure gap in the region, which can only enhance its links with Europe.

24 Nov 2019 - 8:53PM

The Asian Development Bank’s activities in Central Asia may look like a challenge to AIIB and belt and road projects. But Beijing may well welcome help in bridging the vast infrastructure gap in the region, which can only enhance its links with Europe.

How China-led AIIB and US-backed ADB can cooperate in the infrastructure ‘Great Game’, starting in Central Asia
Macroscope | Cool and calculating China is trying to build up global trade even as things fall apart around the world

Against Trump’s trade-destroying tactics and a splintering EU, China’s efforts to forge trade pacts and build infrastructure links are constructive, rational and the best chance of surviving a new cold war.

18 Nov 2019 - 4:50AM

Against Trump’s trade-destroying tactics and a splintering EU, China’s efforts to forge trade pacts and build infrastructure links are constructive, rational and the best chance of surviving a new cold war.

Cool and calculating China is trying to build up global trade even as things fall apart around the world
Macroscope | A ‘phase one’ US-China trade deal will do little to bolster confidence shattered by deglobalisation

US Commerce Secretary Wilbur Ross recently suggested that an initial trade deal will go a long way towards resolving global uncertainty. To the contrary, it will take much more to reverse the effects of deglobalisation accelerated by the Trump administration.

11 Nov 2019 - 3:07AM

US Commerce Secretary Wilbur Ross recently suggested that an initial trade deal will go a long way towards resolving global uncertainty. To the contrary, it will take much more to reverse the effects of deglobalisation accelerated by the Trump administration.

A ‘phase one’ US-China trade deal will do little to bolster confidence shattered by deglobalisation
Macroscope | Amid the tech war with the US, China’s plan for a digital Silk Road into Europe is sure to raise hackles

China’s penchant for presenting its plans in visionary terms extends to its scheme for digital cooperation with Europe, which it is presenting as part of international cybersecurity efforts.

3 Nov 2019 - 10:52PM

China’s penchant for presenting its plans in visionary terms extends to its scheme for digital cooperation with Europe, which it is presenting as part of international cybersecurity efforts.

Amid the tech war with the US, China’s plan for a digital Silk Road into Europe is sure to raise hackles
Macroscope | How a wave of risky lending has set the world up for another financial crisis

Unsafe lending continues despite regulations, which merely pushed it into other sectors as big banks withdrew. This has left the global economy on the brink of a new disaster, in a cycle set to continue without greater oversight.

28 Oct 2019 - 12:35AM

Unsafe lending continues despite regulations, which merely pushed it into other sectors as big banks withdrew. This has left the global economy on the brink of a new disaster, in a cycle set to continue without greater oversight.

How a wave of risky lending has set the world up for another financial crisis
Macroscope | Stock markets cannot be the only sun at the centre of the economic universe

Central banks have been complicit in keeping stock markets revved up and feeding asset bubbles, but with monetary policy near exhausted, fiscal stimulus will have to take over. Expect an end to the bull run.

21 Oct 2019 - 11:17AM

Central banks have been complicit in keeping stock markets revved up and feeding asset bubbles, but with monetary policy near exhausted, fiscal stimulus will have to take over. Expect an end to the bull run.

Stock markets cannot be the only sun at the centre of the economic universe
Macroscope | Could the next global recession start in the obscure short-term US money markets?

After weeks of trying to hose down these dark arcane markets with liquidity, the US Fed’s announcement that it would resume buying Treasury bills was a bland acknowledgement that US short-term money markets are the new flashpoint. Brace yourselves

14 Oct 2019 - 1:48AM

After weeks of trying to hose down these dark arcane markets with liquidity, the US Fed’s announcement that it would resume buying Treasury bills was a bland acknowledgement that US short-term money markets are the new flashpoint. Brace yourselves

Could the next global recession start in the obscure short-term US money markets?
Macroscope | Why Trump’s threat to cut China from US capital markets makes no sense

The administration is reportedly considering delisting Chinese stocks from US markets. But this would only push more belt and road business onto the Hong Kong and London exchanges, leaving New York out in the cold. Who exactly is Trump trying to punish?

6 Oct 2019 - 11:12PM

The administration is reportedly considering delisting Chinese stocks from US markets. But this would only push more belt and road business onto the Hong Kong and London exchanges, leaving New York out in the cold. Who exactly is Trump trying to punish?

Why Trump’s threat to cut China from US capital markets makes no sense
Macroscope | Why the next global financial crisis may dwarf the one in 2008

Big risks today include the nonbank financial sector and high corporate debt. There are more ‘zombie companies’ now than at the time of the 2008 financial crisis. Huge dollar liabilities in banks outside the US and emerging market indebtedness add to the risks.

29 Sep 2019 - 11:21PM

Big risks today include the nonbank financial sector and high corporate debt. There are more ‘zombie companies’ now than at the time of the 2008 financial crisis. Huge dollar liabilities in banks outside the US and emerging market indebtedness add to the risks.

Why the next global financial crisis may dwarf the one in 2008
Macroscope | With a global recession looming, will cash-rich corporations swoop to the rescue?

Central banks and governments are stretched to the limit while big businesses sit on cash mountains that dwarf national economies. In a downturn, they can make investments and retain staff to shore up consumption and the economy. But will they do it?

23 Sep 2019 - 3:10AM

Central banks and governments are stretched to the limit while big businesses sit on cash mountains that dwarf national economies. In a downturn, they can make investments and retain staff to shore up consumption and the economy. But will they do it?

With a global recession looming, will cash-rich corporations swoop to the rescue?
Macroscope | The London Stock Exchange was wrong to reject Hong Kong’s US$36.6 billion offer. It needs to think bigger or risk being left behind

In rebuffing Hong Kong, the London Stock Exchange has failed to consider the role it could play as a funding centre for China’s belt and road. If Brexit happens and its position is diminished as a result, attitudes may well change.

16 Sep 2019 - 1:07AM

In rebuffing Hong Kong, the London Stock Exchange has failed to consider the role it could play as a funding centre for China’s belt and road. If Brexit happens and its position is diminished as a result, attitudes may well change.

The London Stock Exchange was wrong to reject Hong Kong’s US$36.6 billion offer. It needs to think bigger or risk being left behind
Macroscope | The trade war has changed US-China ties forever, so Beijing is building bridges to the EU through the belt and road

The trade conflict will more likely than not end in a stalemate, sending Beijing scrambling for sophisticated partners. China’s overtures to Europe make sense in this light, since Donald Trump has not shown the foresight to counter them.

9 Sep 2019 - 5:22AM

The trade conflict will more likely than not end in a stalemate, sending Beijing scrambling for sophisticated partners. China’s overtures to Europe make sense in this light, since Donald Trump has not shown the foresight to counter them.

The trade war has changed US-China ties forever, so Beijing is building bridges to the EU through the belt and road
Macroscope | Unlimited government spending? Modern monetary theory is a seductive but dangerous idea

As recession looms and monetary easing options dwindle, the theory that governments can ‘borrow from themselves’ to finance unlimited spending is becoming attractive. But the dangerous idea hinges on complicit central banks buying up government debt.

1 Sep 2019 - 11:44PM

As recession looms and monetary easing options dwindle, the theory that governments can ‘borrow from themselves’ to finance unlimited spending is becoming attractive. But the dangerous idea hinges on complicit central banks buying up government debt.

Unlimited government spending? Modern monetary theory is a seductive but dangerous idea
Macroscope | Will protest-hit Hong Kong lose financial business to Singapore amid a growing climate of fear? The answer isn’t so clear-cut

Hong Kong is still the market of choice for large equity offerings but businesses may well consider moving regional headquarters and private banking business to Singapore. In the current climate, most analysts in Asia are reticent to discuss Hong Kong’s future, to avoid offending China.

26 Aug 2019 - 10:41AM

Hong Kong is still the market of choice for large equity offerings but businesses may well consider moving regional headquarters and private banking business to Singapore. In the current climate, most analysts in Asia are reticent to discuss Hong Kong’s future, to avoid offending China.

Will protest-hit Hong Kong lose financial business to Singapore amid a growing climate of fear? The answer isn’t so clear-cut
Opinion | Trump is wrong. Trade wars are not easy to win, even non-players end up as losers

The fallout of Trump’s trade and currency wars can’t be rolled back with the throw of a switch. A global rescue can be financed only by central banks undertaking even bigger purchases of government debt than they have done already.

19 Aug 2019 - 12:30AM

The fallout of Trump’s trade and currency wars can’t be rolled back with the throw of a switch. A global rescue can be financed only by central banks undertaking even bigger purchases of government debt than they have done already.

Trump is wrong. Trade wars are not easy to win, even non-players end up as losers
Macroscope | Donald Trump and Xi Jinping are both in the construction business – one builds infrastructure, the other builds barriers

The US can’t match Beijing’s plans for the Belt and Road Initiative, so it has resorted to trying to block them. However, signs from the financial world offer no indication that this plan is working.

12 Aug 2019 - 3:00AM

The US can’t match Beijing’s plans for the Belt and Road Initiative, so it has resorted to trying to block them. However, signs from the financial world offer no indication that this plan is working.

Donald Trump and Xi Jinping are both in the construction business – one builds infrastructure, the other builds barriers
Macroscope | As the Federal Reserve and ECB follow in the Bank of Japan’s footsteps, they skirt some inconvenient truths

Japan’s central bank pioneered the policy of zero interest rates and easy money, now seen as a panacea for the world’s economic ills. However, the side effects of this model are not fully known, nor how long it can continue without posing system risks.

5 Aug 2019 - 7:17AM

Japan’s central bank pioneered the policy of zero interest rates and easy money, now seen as a panacea for the world’s economic ills. However, the side effects of this model are not fully known, nor how long it can continue without posing system risks.

As the Federal Reserve and ECB follow in the Bank of Japan’s footsteps, they skirt some inconvenient truths