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CN : Property - Overall - Developers’ Jun sales likely rose 47% mom
Developers’ Jun 2022 sales likely jumped by 47% mom, much stronger than their c.10% guidance at our conference in mid-Jun. SOE developers’ sales were particularly strong (60-135% growth), while private quality developers (e.g. Longfor) also outperf....
The profitability of emerging markets fintechs
The ‘growth at any cost’ approach that some fintechs have taken is now likely a thing of the past, as access to funding becomes tougher. Our survey also points to the importance of scale; larger fintechs tend to be more profitable than their smaller ...


Near term outlook for African bonds is gloomy as inflation pressures build
Oil prices have gapped sharply lower this morning as commodities in general have taken a battering from growing recession concerns. Egypt’s GDP growth rate slowed to 0.8% q/q in Q1 from 4.6% q/q in Q4, reflecting the impact of the war in Ukraine, whi...
CN : Strategy - Launch of ETF Connect: a new step to bring HK and mainland China capital markets closer
On 27 Jun, the SFC and the CSRC announced the inclusion of eligible ETFs in Stock Connect, with effect from 4 Jul. A detailed initial list of ETFs eligible for Stock Connect trading was published on 28 Jun. We analyzed 83 ETFs eligible for Northboun....
CN : Strategy - Jun 22 PMI back to over 50; SME segment finally catching up; exports and employment worth close monitoring
The Jun 22 manufacturing PMI rose over 50, from 49.6 in May and 47.4 in Apr, indicating a recovery. This is in line with our previous discussion. The non-manufacturing PMI also rose above 50 in Jun 22, which indicates a more broad-based recovery af....
Daily Credit Briefing
Top Credit Stories BANKS - Termination of coverage CONSUMER - Termination of coverage FINANCIALS - Termination of coverage HIGH YIELD - Termination of coverage: INDUSTRIALS - Termination of coverage