Truss joins Arden, Macron and Marin in the under-50 club of developed market political leaders. Emerging market under-50s include Chile, El Salvador, Georgia, Iceland, North Korea, Qatar, Saudi Arabia and Ukraine. Risk related to a leader's age: 1) s...

The HK government has announced the loosening of quarantine measures for inbound travellers to HK, with fewer Covid-19-related tests required. We expect to see a gradual increase in overseas visitors to HK with the new measures that will be in effe....

According to NFDC, Urea sales in August witnessed a recovery of 20% compared to last month to c.552,000 tons. DAP offtake continued to slump, declining to c.26,000 tons, the lowest since Feb’13, down a sharp 86% YoY. Urea offtake is likely to decline...

OGDC’s earnings rose substantially to PKR31/sh in FY22, gaining from higher oil prices. A higher than expected payout was seen despite heavy investment required by Reko Diq. High 4Q opex but mild rise for full-year keeps future profitability intact.

MTL announced 4QFY22 consolidated EPS of PKR9.86, missing our EPS expectation of PKR11.23, amid lower revenue. GMs decreased by 1ppt YoY amid rise in raw material prices, freight and PKR depreciation, in our view. MTL announced final DPS of PKR20 and...

CBRT cut its policy rate by 100bps to 12% against expectations for an unchanged stance, bringing the real rate to -68%. Limited market reaction as underlying policy stance is now driven by unorthodox 'liraisation' and credit policies. Policy reversal...