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Macroscope

Macroscope
Daily insight on the hottest topics in the global economy, central bank policymaking and international trade flows, putting developments in their perspective for a China-oriented audience.
Molten gold made from jewelry is poured into a mold to produce a gold bar at the Austrian Gold and Silver Refinery in Vienna, Austria on February 3. Photo: AFP
Commodities

Macroscope | Blame Trump, not Asian investors, for gold and silver volatility

The global uncertainty stemming from Trump’s behaviour is roiling precious metals markets far more than any investment from Asia.

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Japan

Macroscope | Could Japan stop being the ballast of the bond market?

United States

Macroscope | Distracted at Davos, leaders are ignoring one critical issue

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United States

Macroscope | Multilateral institutions’ critique of Trump’s actions is too muted

US funding of multinational bodies seems to be keeping their critique muted. The power of the purse should not ensure immunity from criticism.

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US President Donald Trump dances at the Detroit Economic Club in Detroit, Michigan, on January 13. Photo: Reuters
United States

Macroscope | Investors are giving Trump a free pass

Markets, especially bond markets, are meant to be a disciplining force. Their inaction will only embolden Trump to act more recklessly.

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Stocks

Macroscope | Why Asian family businesses are pivoting to private equity

Family firms, the backbone of the Asian economy, have tended to be reluctant to go public but are increasingly open to private equity funding.

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China stock market

Macroscope | Chinese stocks could be biggest winner of Venezuela fallout

Amid rising fears over an AI bubble and geopolitical strife, China’s push for self-reliance has left it more insulated from global storms.

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People walk below a large screen displaying the latest stock exchange and economic data in Shanghai on January 6. Photo: EPA
Japan

Macroscope | Japan’s economic security push heralds rising protectionism in Asia

The emphasis on securing supply chains and stockpiling critical resources is no substitute for free and open trade and investment.

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Artificial intelligence

Macroscope | Fears of an AI bubble in Asian stock markets are misplaced

The concentration risk so prevalent elsewhere is mitigated in Asia by a diverse equity landscape and the unique strengths in China.

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India

Macroscope | India and Japan show impact of Trump’s tariffs extend beyond trade

While Japan is grappling with acute policy dilemmas and AI bubble fears stalk markets, India seems relatively resilient and forward-looking.

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Workers put switches and connectors on solar panels after they come out of automated framing at a ReNew solar panel manufacturing plant on the outskirts of Jaipur, India, on August 21, 2025. Photo: AP
Banking & finance

Macroscope | Global stablecoin surge highlights overlooked risks in crypto finance

The politics around digital currencies have extended into the long-running battle for supremacy between the world’s major currencies.

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A pedestrian walks in front of a currency mural on a shop shutter in Hong Kong on December 2024. Photo: Antony Dickson
Bitcoin

Macroscope | Bitcoin’s bruising month shows the perils of going mainstream

Despite years of progress, the cryptocurrency is still in a vulnerable spot halfway between pure speculation and institutional adoption.

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Climate change

Macroscope | What China, not the free market, gets right about climate finance

China’s central and local governments and state entities are willing to issue or guarantee green bonds on a scale unmatched elsewhere.

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South Korea

Macroscope | South Korea’s challenges a taste of what’s to come for global economy

While South Korea has been a big beneficiary of the AI boom, the surge is also highlighting its domestic and geopolitical vulnerabilities.

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A cyclist rides past residential buildings in Seoul on November 11. Flat prices in the capital increased at the sharpest pace since 2018 last month while rents rose at the fastest clip on record. Photo: AFP
Stocks

Macroscope | Does emerging markets’ stellar run this year have legs?

Emerging market equities have seen their longest winning streak since 2004, but it is premature to talk of a renaissance.

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A man checks the latest stock exchange data on a computer screen at his shop in Shanghai on October 30. Photo: EPA
Trade

Macroscope | Exports no longer enough to lift Asia out of ‘middle-income trap’

Developing nations are being urged to boost domestic demand and mutual trade to drive growth, but key factors like population ageing must also be addressed.

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United States

Macroscope | Has Trump 2.0 really been a boon to stock markets and the economy?

Although asset prices performed strongly this year and there has been no recession, Trump’s second term is a Rubicon-crossing moment for the US and global economy.

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Trade

Macroscope | Asia’s trading powerhouses are more Trump-proof than many feared

High US tariffs not only did not cripple export-oriented economies like South Korea, thanks to the AI boom, but they also pushed policymakers to embark on reforms.

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A staff member of the Inter-university Semiconductor Research Centre at Seoul National University in Seoul at work on April 30. South Korea recorded its highest ever semiconductor exports in September, official data showed on October 1, despite growing pressure from US tariffs and other restrictions on the crucial sector. Photo: AFP
Banking & finance

Macroscope | 4 reasons fears of an AI-fuelled stock market bubble are overdone

While many believe the stock market is in an AI-induced bubble, there are factors that paint a more optimistic picture.

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China inflation

Macroscope | Forget inflation, deflation poses bigger risk to Asia’s economies

While Asia has not had inflation worries for some time, its economic future has become more closely tied to China’s, with all that entails.

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Commodities

Macroscope | Global uncertainty driving gold prices higher despite bubble fears

Even with stock markets surging, the price of gold is hitting new records as investors seek out stability.

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People walk past jewellery shops and gold dealers in Hatton Garden, London, Britain, on October 8. Photo: EPA
Central banks

Macroscope | Why the cost of buying economic growth is destined to rise

The apparent resilience of the global economy in the face of a series of shocks comes amid dangerously high debt levels.

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A woman walks past signs displaying prices in US dollars in Caracas, Venezuela, on June 2. Photo: AFP
Japan

Macroscope | 4 reasons Japan’s yen safe haven trade is a distant memory

While the Japanese currency’s reputation as a safe haven was always overblown, the stability that supported it is now a thing of the past.

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China economy

Macroscope | Tide may finally be turning in China’s battle against deflation

With economic indicators offering reasons to hope, the only question is how quickly and decisively Beijing can revive domestic demand.

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Cryptocurrency

Macroscope | In the crypto vs gold struggle, new battle lines are being drawn

The finance world is in flux, with stablecoin issuer Tether investing heavily in the metal it has been trying to usurp as a primary means of exchange.

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Gold jewellery is displayed in a window in New York on September 8. The price of gold is leaping to record highs nearly every day. Photo: AFP
Diplomacy

Macroscope | Shanghai spirit for new world order needs to be matched by the West

SCO summit’s vision can’t be implemented without the requisite monetary and financial systems in place. The West must play a role if the world is not to fragment into blocs.

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President Xi Jinping makes a speech at the Shanghai Cooperation Organisation (SCO) Summit 2025 at the Meijiang Convention and Exhibition Centre in Tianjin on September 1. Photo: Xinhua
United States

Macroscope | Why China is the only actor standing against Trump’s radical agenda

Beijing has taken advantage of weaknesses in Trump’s agenda and forced him to back down while others give him a free pass.

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China stock market

Macroscope | Why investors need not fear bubble in Chinese stock market

While there is a disconnect between China’s ailing economy and its buoyant stock market, years of bearishness are only now dissipating.

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