Research & Analysis

2H2023 Macroeconomic Outlook: Asia a source of stability amid rising uncertainties – Summary

Summary  Global economic growth is expected to slow in 2H2023, as tightening monetary policy raises the risk of an adverse policy mistake. While normalising supply chains could support the recovery, maintaining economic momentum after the post-pandemic surge will be challenging. Asian economies are likely to experience a slowdown alongside the global economy, albeit milder than …

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Monetary Policy Divergence Exerts Pressure on Bond Market – June 2023 – Summary

Summary  The latest retail and exports data suggest that a slower domestic economy in 2Q2023 is imminent given the anticipated slowdown in the global economy. On the bond market, while MGS commands positive yield differentials with the UST, the spread has narrowed significantly since 2022. The continuing divergence of interest rate policy between Malaysia and …

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Monthly Bond Market and Rating Snapshot – April 2023 – Summary

Global Bond Markets Global government bonds traded mixed in April. The UST yields largely declined on rising anticipation that the Fed’s rate hike cycle may end soon as inflation continued to moderate. Meanwhile in Europe, the longer-tenure 30-year bund yield rose as the market expected higher interest rate for longer to contain the elevated inflationary …

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Monthly Bond Market and Rating Snapshot – February 2023 – Summary

Global Bond Markets Global government bonds mostly came under selling pressure in February on the growing possibility of “higher for longer” interest rate policy. This is not surprising given that inflation on both sides of the Atlantic continue to hover more than two times above major central banks’ 2% target. Meanwhile in China, bonds traded …

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MARC Ratings publishes 2022 annual corporate default and ratings transition study

MARC Ratings today published its 2022 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2022. This is MARC Ratings’ 18th Annual Corporate Default and Ratings Transition Study. In 2022, MARC Ratings’ corporate portfolio recorded two rating downgrades and two upgrades. When …

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