Videos

In trying to prop up US banks after the Silicon Valley Bank bust in March last year, the Federal Reserve introduced a liquidity facility known as the Bank Term Funding Program. Banks in November and December started to take advantage of a widening arbitrage opportunity from this facility.

Dismissed not long ago as a phantom of negative-real-rate delirium, bitcoin is up nearly 60% over the last three months, with the run-up propelled in part by prospects for the launch of spot bitcoin ETFs. In this video interview, Gavekal US chief economist Will Denyer examines the underpinnings of the rally, and asks whether there are lessons to be learned from the rollout of gold ETFs 20 years ago.

Following a year in which anyone hoping for a reopening rally in China was cruelly disappointed, Louis examines the reasons many international money managers believe China is now uninvestible, and asks whether these can change in 2024.

After the fighting in Gaza remained largely contained through much of the final quarter of 2023, the risk that the conflict will spread across the wider Middle Eastern region—with potentially grievous economic costs—has risen sharply in recent weeks.

After a fairly terrible 2023, US bank shares have rebounded in the last month. This seems counter intuitive given that bond yields have been falling and the US yield curve has gotten more inverted. Will explains the vector from the Fed’s apparent dovish pivot to bank stocks and an interesting arbitrage which has opened up that seems to be the equivalent of free money for them.

The United States and China are courting middle powers across the globe in an effort to gain further economic and political influence. One such “geopolitical swing state” is Vietnam, where China's top leader, Xi Jinping, has just returned from his first trip in six years, following hot on the heels of US president Joe Biden’s visit in September.

For more than 30 years, there has been a fairly reliable inverse correlation between US treasury bonds and equities which has been the bedrock of most balanced portfolio strategies. Of late, however, that relationship has gone awry and the two asset classes have tended to move in lockstep—both up and down. In this video interview, Louis tries to explain what is going on and what happens next.

On the face of it, the US housing sector has had a rotten year, with new home prices down some -18% over the period. So why are US homebuilder stocks approaching record highs? Tan Kai Xian seeks to unpick the market's dynamics in this video and answer the question: is this time different?

Argentina’s president-elect Javier Milei wants to scrap the Argentinian peso and adopt the US dollar in an attempt to end the inflation-plagued economy’s perma-crisis once and for all. But there are formidable practical difficulties that are likely to derail Milei’s plans.

Easing consumer inflation in October and a not too hot, not too cold jobs report have helped to extend a rally in US stock and bond markets. In this video interview, chief US economist Will Denyer looks behind the headline numbers to explore what the latest US data releases are really telling investors in US markets.

Until recently the US government’s approach to China was to pile up sanctions and export restrictions, without any hint of when and where the moves might stop. That has shifted in recent months, with US officials suggesting the country now wants to push the pause button. Arthur and Yanmei take the temperature of the relationship and discuss where it goes next.

Turkey and Thailand go to the polls on May 14. Both countries have seen their share of authoritarian policymaking and populist democratic politics. In yesterday’s webinar, Udith Sikand and Vincent Tsui assessed each economy’s prospects and sought to draw some common lessons.

Will and KX have been in the camp arguing that such trends point to a US economy heading towards recession. They update their view with a particular focus on the strength of the US consumer and in light of this week's Federal Reserve’s policy meeting.

China’s economic rebound is well under way, with GDP growth in the first quarter beating expectations on the back of strengthening household consumption and property sales. But many still have doubts about the strength of the recovery. Thomas Gatley and Wei He assess what the data tell us about the recovery so far, as well as the outlook for economic growth and asset markets.

In last week's seminar in Beijing, Will Denyer discussed the outlook for the US economy and Federal Reserve policy; Arthur Kroeber spoke on China’s long-term growth trajectory and the strategy to counter US efforts to hinder its technological development; Andrew Batson presented an update on China's post-Covid recovery and answered audience questions along with Rosealea Yao and Xiaoxi Zhang.

After global frontier markets went on a borrowing spree between 2008 and 2020, tighter global liquidity has pushed countries from Pakistan to Zambia into financial crisis. China is a major creditor, sometimes at odds with other bilateral and multilateral lenders.

Louis examined the global macroeconomic landscape to find the key trends and structural changes that matter for investors; Wei discussed China's economic recovery and outlined the near-term growth and policy outlook; and Arthur spoke on China’s long-term growth trajectory geopolitical strategy.

As markets stabilize after the ructions caused by the US’s banking travails, it is time to take stock of what has changed for investors. In this webinar Charles and Louis update their views on the global macro situation with a particular focus placed on an accelerated “dedollarization” that both of them see as a major factor now influencing markets and investment returns.

As US firms operating in key industries get huge subsidies under the sprawling Inflation Reduction Act and Chinese firms consolidate their dominance in sectors like battery technology, European firms feel hemmed in on all sides. In this webinar, our team assesses the options open to Europe and what it all means for the region’s longer-term growth outlook.

Hoping to turn the page on a traumatic 2022, China’s government has unveiled a new agenda to be carried out by fresh faces in 2023. In this webinar our China team discusses the outlook for the economy, the political risks and the drivers for markets.