海外研报

Weekly sales down by 22% YoY; possible implications from the third plenum

Weekly home sales down by 22% YoYDuring the past week (July 6th to July 12th), primary home sales volume in 32 major cities saw 41% sequential drop (partially attributable to seasonality) and was also down

Consumption growth contribution lowered notably in 2Q

Consumption growth contribution to GDP declined in 2QGDP growth softened to 4.7% yoy in 2Q, with consumption, investment and net exports

Weekly spending update through July 13

Key takeaways• Total card spending per HH was down 1.6% y/y in the week ending Jul 13, according to BAC aggregated credit & debit card data.

China: FX outflows accelerated in June

Our preferred FX flow measure shows larger FX outflows of US$69bn in June 2024,vs. US$32bn outflows in May. The current account channel showed faster outflows

Commodity Tracker: mixed signals

Mobility indicators are showing strong seasonal demand. Jet fuel remains a bright spot for oil demand. However, China’s oil demand data is yet to improve. Imports fell 2.3% in the first half of this year, and refinery run rates remain low.

BIDEN RESIGNS AND HARRIS FEELS THE HEAT (OF HISTORY)

President Biden’s departure from the presidential race did not coronate his VP, Kamala Harris, as successorcandidate for president. If he had instead resigned from office, he would have cemented her candidacy and given

DBS Stock Equity Picks

18 Jul - Singapore Telecom: Remove from Blue Chips at SGD3.02 We lock in gains for the stock as we see limited upside following the stellar run-up over the past 1-2

Asia-Pacific Portfolio Strategy: Asian equity market daily update

The MXAPJ Index dropped 0.6% today. China and Hong Kong marketsoutperformed, while Taiwan and Korea markets underperformed. Within MXAPJ

LatAm At A Glance Summer breeze

Supportive external environmentThe global backdrop remains favorable for LatAm local markets. US inflation prints over the past two months have come in well below expectations. At the same time growth