Can Trump reroute Asia’s trade?

In the whirlwind of President Donald Trump’s second term, trade policy has once again taken centre stage, with Asia bearing the brunt of his aggressive tariff-driven strategy. Since his “Liberation Day” announcement on 2 April, Trump has pushed a “reciprocal” tariff framework, threatening steep levies on nations with trade surpluses unless they strike deals with the US. The approach has yielded mixed results, with Vietnam and Indonesia securing preliminary agreements, while heavyweights like Japan and China face ongoing uncertainty. Meanwhile, the deadline for what nations can expect as the 1 ...

Fed governance under Jerome Powell still in the firing line

The pendulum in auto parts

Last May, the auto parts sector had experienced a shift from stress to euphoria. At that time, in our coverage, 24% of bonds were priced above par, while 71% were priced below par (of which 72% were above 95). Only 4% of bonds were categorized as being priced in the stressed category. Nevertheless, the situation has not improved; it is even worse today . In our current coverage, 47% of bonds are priced above par, while 51% are priced below par (of which 24% are above 95). Only 2% of bonds are categorized as being priced in the stressed category. However, we are still in euphoric territory gi...