Asia-Pacific

China’s US bond holdings are going nowhere fast

17 Apr 2025

The threat of Beijing dumping its $1.1 trln in Treasuries to gain leverage in trade talks or punish Trump has investors fretting. But the need for dollar reserves to manage the yuan means Chinese exposure to American debt will inhibit this part of the duo's financial decoupling.

BlackRock debt deal is half a coup for Adani

17 Apr 2025

The world's largest money manager bought one-third of a $750 mln bond issued by the Indian group, its first since tycoon Gautam Adani was hit by US charges. Other backers are yield-hungry types. The conglomerate is paying a price for its problems, albeit not a large one.

State fiscal aid is harder call in 2025 than 2020

16 Apr 2025

Spain, Canada and South Korea are planning to prop up sectors hit by US levies. The damage will be less severe than five years ago, when Covid-19 led GDP to shrink by 3%. But high levels of debt and tariff uncertainty make it tough for states to know when and how to intervene.

Tariffs leave China with even more mouths to feed

16 Apr 2025

GDP grew 5.4% last quarter, but Trump's trade war means it's downhill from here. Beijing needs a plan to support exporters, as well as consumers and property. With officials now equating the economy with national security, a long-touted big stimulus package may finally emerge.

US-China decoupling is crossing a Rubicon

16 Apr 2025

Sino-American relations were in slow decline. President Donald Trump’s trade war, and counterpart Xi Jinping's pledge to fight back, sets the stage for a messy divorce. A look at finance, investment, people and geopolitics show substantial ties vulnerable to fracture.

CATL can turn Trump’s tariffs to its advantage

15 Apr 2025

The world’s largest battery maker grew earnings by 33% in the first quarter. It may be on a roll. Levies and security concerns thwarted its US plans, but Washington’s chaotic trade regime and lack of support for electrification give Chinese EV pioneers a sharper edge in Europe.

Small countries sit at nexus of tariff trade-offs

15 Apr 2025

The US put a 10% levy on Singapore and Australia despite having a goods surplus and strong military ties with them. Negotiating on the duty looks hard. But diversifying exports away from both states' top market, China, which Trump wants to squeeze, makes more sense than ever.

China may find Southeast Asia’s demands pile up

14 Apr 2025

On his tour of the region, President Xi Jinping will try to shore up a $982 bln trade relationship. Countries like Vietnam, who may soon be forced to side with either Washington or Beijing, can afford to ask their neighbour for foreign investment, market access and more.

Tariffs will force supply chains out of black box

14 Apr 2025

The US is pressing pause on tariffs for electronics, but the reprieve may be brief. Its trade war and national security concerns will force greater transparency from companies like Lenovo, the world's biggest PC maker, and peers who disclose few details on where goods are made.

Time for the rest of the West to club together

13 Apr 2025

Europe, Japan and Canada can no longer rely on the United States. They need to cut their dependency on it while not becoming reliant on China. That means weaning themselves off the dollar, cooperating in trade and defence, and reaching out to emerging economies like India.

Sinking shipper shares miss plain-sailing outcome

11 Apr 2025

Maersk and Zim’s stock fell 20% since Donald Trump’s trade jolt. The drop reflects fears that the US will revive global tariffs and spark a trade decline akin to the 2008 financial crisis. But if they are only focused on China, more re-exports could boost demand.

There’s no easy escape from the US bubble economy

11 Apr 2025

The United States depends heavily on financial activity and debt, supported by foreign investors. Though Donald Trump has paused punitive tariffs he seems determined to change economic course. As Japan discovered three decades ago, deflating a bubble involves widespread pain.

EU gets hard-to-repeat win in Trump’s trade casino

10 Apr 2025

Ursula von der Leyen resisted an aggressive, Chinese-style response to the US president’s tariffs. The European Commission boss’s implicit wager that markets would prompt Donald Trump to rethink panned out. But the EU has swerved a crisis, rather than entered a safer paradigm.

Chinese stocks have big role to play in trade war

10 Apr 2025

Compared to global markets, Chinese indexes have been relatively stable. Official intervention is one reason. Investors betting on fiscal stimulus is another. The resilience matters to Beijing: it projects confidence to withstand US tariffs and can also spur consumption.

EU’s SpaceX rival demands more than financial fuel

10 Apr 2025

Europe wants a home-grown alternative to Elon Musk’s rockets-and-satellites firm. That will require state largesse: SpaceX became a giant with the help of $28 bln in US government contracts. But it will also need supportive policy, new technologies and far greater ambition.

US-China trade clash risks all-out financial war

10 Apr 2025

Tit-for-tat tariffs torch a $600 bln bilateral relationship yet further levies will have diminishing sting. There are signs more escalation could lead to a dangerous weaponisation of finance. But for all the bluster, Trump's pause on other countries provides some breathing room.

Why the US bond selloff could keep spiralling

9 Apr 2025

Yields on 30-year government debt spiked to almost 4.9%, from below 4.4% on Friday, as Donald Trump’s trade war roils the world’s key funding market. The squeeze reinforces longer-term fears about the cost of tariffs. Barring a policy U-turn, the selling looks set to continue.

Ola challenges investability of Indian startups

9 Apr 2025

Shares of the SoftBank-backed electric scooter maker have plunged one-third below its IPO price and revenue growth is sputtering. It’s the latest Indian startup to quickly run out of juice. The country's stock market may be resilient but its hottest debuts keep disappointing.

Chipmaking giants face triple tariff hit

9 Apr 2025

Semiconductors are exempt from Washington's levies, but that may not last. The blow to global demand for phones and other electronic items also will hurt $640 bln TSMC, Samsung and peers. Meanwhile, surging import costs will disrupt their bold plans to set up factories in the US.

Tariffs leave Europe’s airlines high and dry

8 Apr 2025

North Atlantic routes account for around a quarter of flag carriers’ revenue and over half their operating profit, analysts reckon. The likes of IAG had been cushioned from the tougher market ferrying passengers to Asia. US tariffs could see westbound flying hit squalls too.