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Nicholas Spiro
Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.
Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.
As the conflict threatens Asian economies, the best protected are those that can leverage import diversification and energy independence.
While higher energy prices pose a threat to global travel, Asia’s strong regional travel demand and diversified source markets offer resilience.
The danger from the Iran war cannot be assessed in isolation. Rather, it is one of several major vulnerabilities that could trigger a much sharper sell-off.
Asian property’s sources of resilience are potent and multifaceted, with the drivers of sentiment distinct from those in financial markets.
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Investors have grown used to brushing off geopolitical threats, but turmoil in the Middle East poses a greater risk to the global economy.
Several factors contribute to the outperformance of the Australian retail sector, including its relative insulation from digital disruption.
Markets assuming Trump will chicken out and downplaying risks contribute to the normalisation of the US president’s chaotic behaviour.
Tech disruption is unlikely to spoil India’s commercial real estate party. If anything, the world’s hottest office market is too hot.
Beijing will seize on the crisis to promote the yuan, but without capital account liberalisation – essential for a truly global currency – its rise will remain limited.
While Japan is unlikely to have its own Liz Truss moment, high debt levels and an empowered populist in charge are still reasons for concern.
The narrow pool of high-quality assets benefits landlords and affluent investors but poses a challenge to prospective buyers and renters.
The global uncertainty stemming from Trump’s behaviour is roiling precious metals markets far more than any investment from Asia.
Unlike the commercial property sector, the city’s residential market is supported by multiple factors helping to drive demand.
As recognised by Canada, the fracturing of the global economy is in full swing. Policymakers and businesses should expect it to continue.
Thailand’s resilience in the face of an eventful 2025, India’s uneven boom in branded hotel supply and Japan’s record visitor numbers amid a row with China are deserving of attention.
Despite being equipped with powerful tools in its economic arsenal, Brussels lacks the leverage needed to keep Washington in check.
Markets, especially bond markets, are meant to be a disciplining force. Their inaction will only embolden Trump to act more recklessly.
Asia might have sidestepped the worst of Trump’s tariffs, but investors should focus on price growth, Japan’s resilience and the sustainability of the data centre boom.
Amid rising fears over an AI bubble and geopolitical strife, China’s push for self-reliance has left it more insulated from global storms.
Tech-led resilience is not a cure for all the ills driving the underperformance of mainland Chinese and Hong Kong real estate.
While the underperformance of Chinese equities in the last financial quarter warrants scrutiny, overall gains are likely to continue in 2026.
While multiple factors are at play, this year’s tech exuberance helped the region’s property markets stay afloat.
Just because fund managers were too bearish on China doesn’t mean their concerns were misplaced – economic fundamentals matter.
At a time when uneven K-shaped recoveries are increasingly prevalent, Hong Kong’s office sector is experiencing its own unbalanced rebound.
The concentration risk so prevalent elsewhere is mitigated in Asia by a diverse equity landscape and the unique strengths in China.
The sustainability of the real estate boom will depend on how well New Delhi can address lingering gaps in affordability and infrastructure.
Some of the sharpest increases in property values are in economies facing major headwinds or those suffering from an acute shortage of affordable housing.
While Japan is grappling with acute policy dilemmas and AI bubble fears stalk markets, India seems relatively resilient and forward-looking.
Robust exports, surging stocks and investors looking elsewhere have curbed pressure for more forceful government intervention.
