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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.
Iranians work as smoke rises from an oil refinery struck in Tehran, on March 8, amid joint Israeli-US attacks. Photo: EPA
US, Israel war on Iran

Macroscope | Trump hasn’t counted on financial blowback from his war with Iran

As Washington fights a war with global economic ramifications, allies may soon begin to reassess their financial support of US coffers.

US, Israel war on Iran

Macroscope | Iran war disruption just one of many threats to global markets

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Banking & finance

Macroscope | How global debt is sowing the seeds of financial collapse

US, Israel war on Iran

Macroscope | Why even bullish investors can’t ignore the Iran war

Investors have grown used to brushing off geopolitical threats, but turmoil in the Middle East poses a greater risk to the global economy.

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Flames rise during a fire caused by debris from an intercepted drone at the oil refinery hub in Fujairah, United Arab Emirates, on March 4. Photo: EPA
Japan

Macroscope | Why Japan should push back on Trump’s investment demands

Trump’s use of tariff threats to strong-arm foreign governments, companies and investors into funding US projects should be resisted.

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United States

Macroscope | Normalisation of Trump’s chaos can only go so far

Markets assuming Trump will chicken out and downplaying risks contribute to the normalisation of the US president’s chaotic behaviour.

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Japan

Macroscope | Why the IMF is right to press Japan on its fiscal risks

The fiscal and monetary policies of advanced economies have global repercussions, and Takaichi’s expansionary fiscal agenda risks market pushback.

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Japan’s Prime Minister and leader of the ruling Liberal Democratic Party Sanae Takaichi speaks during an election campaign event in Tokyo on February 7. Photo: Reuters
Banking & finance

Macroscope | US dollar weakness is no game changer for a globalised yuan

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.

Banking & finance

Macroscope | How robust domestic financial markets could ease era of AI uncertainty

Attempts to develop financial centres must go beyond luring global capital and talent.

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Japan

Macroscope | Japan will soon learn how far Takaichi can ride her luck

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.

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Sanae Takaichi, Japan’s prime minister and president of the ruling Liberal Democratic Party, puts in pins marking the names of candidates who won lower house elections, at the LDP headquarters in Tokyo, on February 8. Photo: AP
Banking & finance

Macroscope | Trump-Takaichi meddling in finance spells more turbulence ahead

The two leaders’ moves into economics despite their lack of knowledge threaten to further destabilise global finance and inflate debt levels.

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Japan’s Prime Minister Sanae Takaichi, (left) gestures as US President Donald Trump delivers a speech in front of US Navy personnel at the US naval base in Yokosuka, Japan, on October 28, 2025. 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?

A lower house election victory would give flight to Prime Minister Takaichi’s fiscal expansionism – and introduce upheaval far beyond Japan.

United States

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

More attention needs to be paid to the state of US and global finances.

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US President Donald Trump (right) greets leaders as he arrives for a Board of Peace charter announcement at the annual meeting of the World Economic Forum in Davos, Switzerland, on January 22. Photo: AP
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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