BDA Partners Trims Shanghai Staff Amid M&A Headwinds and Strategic Realignment in Greater China

Economic

Summary:

BDA Partners, a boutique investment bank specializing in Asia-focused M&A, has laid off several Shanghai-based bankers and relocated others to Hong Kong as it faces intensified competition...

M&A Slowdown Forces Strategic Cutbacks at BDA Partners in China

BDA Partners has become the latest financial services firm to scale back its presence in mainland China, letting go of five investment bankers in Shanghai and relocating some remaining staff to its Hong Kong office. These moves come as the boutique investment advisory firm grapples with a deteriorating mergers and acquisitions (M&A) environment marked by declining deal certainty, growing regulatory hurdles, and intensifying fee competition.

The decision reflects broader headwinds confronting global advisory firms operating in China’s complex financial terrain. According to people familiar with the matter, only three senior bankers will remain in BDA’s Shanghai office to manage ongoing mandates and originate new deals. The firm is also reportedly considering downsizing its office space in the city to further reduce costs, although no formal decision has been made.

China Market Challenges Test Foreign Advisors

BDA’s cutbacks reflect more than just internal belt-tightening it signals a structural shift in China’s role within global M&A pipelines. Despite a modest recovery in the overall volume of deals involving Chinese firms in 2025, the environment remains difficult for advisors. Several core issues plague the market:

Inbound investment restrictions have reduced cross-border M&A flows.

Widening valuation gaps between Chinese sellers and foreign buyers are delaying negotiations.

Escalating geopolitical tensions and regulatory scrutiny particularly U.S.-China decoupling and tariff policies have further dampened deal execution confidence.

Increasing competition among advisory firms in China has eroded fee margins and forced firms to re-evaluate operational costs.

Simon Kavanagh, BDA’s head of Greater China, emphasized the firm’s continued long-term commitment to China, Hong Kong, and Taiwan in a statement to Bloomberg, underscoring that senior bankers remain active both in Hong Kong and the mainland.

Wave of Retreats Reflects Broader Trend Among Western Firms

BDA’s reduction in China is not isolated. Numerous global financial institutions and legal firms have begun dialing back operations in the country amid prolonged macroeconomic uncertainty and political volatility.

Wall Street law firm Skadden, Arps, Slate, Meagher & Flom LLP closed its Shanghai office in 2024, while Fidelity International and Vanguard also implemented job cuts or exits from China. Asset managers such as Van Eck and Matthews International have similarly scaled down their China operations.

Meanwhile, Permira, a leading private equity firm, has shifted its Asia strategy by closing its Shanghai and Hong Kong offices and redirecting leadership efforts to India, citing a more vibrant deal pipeline and supportive business climate. Major PE firms like KKR and Blackstone are following suit, ramping up investment in India and elevating regional executives to lead new strategic initiatives.

A Restructuring Era for Global M&A in Asia

BDA Partners’ staff cuts and realignment signal a transitional phase for boutique and global M&A advisors operating in China. As deal conditions remain fragile and policy uncertainty clouds cross-border flows, many firms are choosing to consolidate their regional presence or pivot to markets like India that offer greater clarity and growth.

The firm’s commitment to Greater China remains firm in principle, but its operational footprint will likely continue evolving in response to regional macro shifts. For now, the boutique bank joins a growing list of firms rethinking how and where they pursue opportunities in Asia.

Source: Bloomberg

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Olivia Brooks

Cryptocurrency

A long-term Bitcoin holder who sold $4 billion of his holdings for Ether last month has started selling again as Bitcoin crossed $116,000 for the first time in three weeks.

Two Bitcoin (BTC) wallets tied to an address that had held onto the cryptocurrency for over eight years deposited 1,176 BTC worth over $136 million into the trading platform Hyperliquid on Sunday and “started dumping,” according to Lookonchain on X.

Lookonchain said the wallet had taken a two-week break after it exchanged over $4 billion worth of Bitcoin in the second half of August, nearly 36,000 BTC for Ether (ETH).

Whale movements can hint at where “smart money” interest is shifting. Traders could see their sudden moves after years of inactivity as having a negative impact, as they could unload BTC on the open market and push down prices.

Source: Lookonchain

Wallet dumped Bitcoin for Ether

Lookonchain wrote to X on Sept. 1 that the Bitcoin whale it was tracking over the prior two weeks had sold 35,991 BTC, worth over $4 billion at the time, for Ether.

The ETH to BTC ratio has remained relatively flat since, but currently, the whale would lose nearly 460 BTC, worth about $53 million, if they were to swap their ETH holdings back to BTC.

The ETH to BTC ratio has been below 0.05 since July last year and hit its all-time peak in mid-2017 at 0.14. It’s currently at 0.0401, gaining 6% over the past month.

Bitcoin hovers at $116,000 resistance

Meanwhile, Bitcoin has seen resistance at $116,000, a price it reached on Friday for the first time since around three weeks ago on Aug. 23.

Bitcoin has traded flat over the past 24 hours at $115,500, hitting a top of $116,182 and a low of under $115,000, struggling to break well above $116,000.

It’s down 7% from its peak high of over $124,000 on Aug. 14.

Other whale wallets move Bitcoin

The latest Bitcoin whale sales seen by Lookonchain follow other high-value wallets that have sold in the past few weeks.

A wallet that held nearly 445 Bitcoin, which hadn’t made a transaction in almost 13 years, made a transfer on Thursday, sending part of their stash to the crypto exchange Kraken.

Earlier in September, a wallet with nearly 480 Bitcoin also made transfers for the first time since 2012, seemingly only to move their funds to a new address.

Source: COINTELEGRAPH

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Economic

Asia Opens Steady Amid Central Bank Spectacle

Asian stocks opened hesitantly on Monday as investors enter a pivotal week packed with major central bank decisions, led by the U.S. Federal Reserve’s expected resumption of its easing cycle. The anticipated quarter-point cut by the Fed its first in over a year is almost fully priced in, but market focus now shifts to how dovish the Fed will be in its tone and projections.

U.S. interest rate futures already imply 125 basis points of rate cuts through mid-2026. The Fed’s updated dot plot and commentary from Chair Jerome Powell will be critical in determining whether this pricing holds or needs adjusting. Any deviation from these expectations could spark volatility across equities, bonds, and foreign exchange markets.

Key Central Banks on Deck: Canada, England, Japan, Norway

The Fed is not alone in the spotlight. The Bank of Canada is widely expected to lower rates by 25 basis points, while the Bank of England and Bank of Japan are forecasted to hold steady, both navigating inflation pressures and weakening growth. Meanwhile, the Norges Bank of Norway remains a wildcard, with rate-cut odds hovering slightly above 50%.

Analysts at Citi project that Chair Powell will indicate more cuts are likely, citing rising downside risks to employment. Markets will also be listening for commentary on balance sheet runoff and the broader risk environment, including trade and geopolitical tensions.

Trump Pressure, Eurozone Ratings, and China’s Slowing Recovery

President Donald Trump continued his verbal attacks on the Fed over the weekend, blaming Powell for harming the housing market. While politically charged, these comments reflect growing domestic dissatisfaction with tight monetary policy amid faltering job growth.

Elsewhere, the euro remained stable at $1.1728 despite a Fitch downgrade of France’s sovereign rating. European Central Bank speakers, including President Christine Lagarde, are scheduled to speak throughout the week, with markets anticipating confirmation of a "wait-and-see" stance amid steady inflation.

In Asia, Japan’s markets were closed for a holiday, though Nikkei futures indicated a slightly weaker open after last week’s strong gains. MSCI’s Asia-Pacific index (excluding Japan) was flat, while Chinese blue chips rose 0.5% and Hong Kong’s Hang Seng edged 0.2% higher despite fresh signs of economic deceleration.

China’s August Data Weakens, Property Market Still Dragging

New data out of China revealed a loss of momentum across key indicators. Industrial output growth slowed to 5.2% (down from 5.7% in July), while retail sales rose just 3.4% year-on-year, missing forecasts. The property market remains a significant drag, with home prices falling another 0.3% in August and property investment declining further.

The persistence of weakness in China’s real estate sector, despite rounds of stimulus and regulatory easing in top cities like Shanghai and Shenzhen, continues to weigh on domestic sentiment and global supply chains.

U.S.-China Talks, Oil Volatility, and Market Sentiment

Meanwhile, U.S.-China trade and security talks resumed in Madrid, with observers closely monitoring any breakthroughs that could reduce tensions. However, Trump’s call for allies to place tariffs on China over its Russian oil imports adds a layer of uncertainty to the negotiations.

Oil markets reflected this push-and-pull dynamic. While the threat of additional sanctions on Russia offered some upside, broader concerns over U.S. demand and increasing OPEC+ supply capped gains. Brent crude rose 0.4% to $67.27, while U.S. crude climbed 0.5% to $63.00.

Gold, a traditional safe haven, dipped slightly to $3,639/oz but remained close to its recent all-time high of $3,673.95. Treasuries were closed for Japan’s holiday, though the 10-year yield had dropped to 4.07% last week on weak U.S. labor data, including a nonfarm payrolls three-month average of just 29,000 well below the long-term trend.

As central banks across the globe assess the balance between inflation control and growth support, this week’s policy decisions could redefine investor positioning heading into Q4. Markets are on edge not only for immediate rate cuts, but for signs of how far and fast the global easing cycle could go. Should the Fed disappoint, the ripple effects will be felt across asset classes and geographies. Investors remain cautiously positioned, awaiting clarity from Powell and his peers.

Source: Reuters

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Economic

Commodity

Gold Surges Ahead of Fed Decision on Easing Cycle

Gold remains firmly near its all-time high, trading around $3,635–$3,640 per ounce as markets anticipate a 25-basis-point rate cut by the U.S. Federal Reserve this week. The metal has gained nearly 40% year-to-date, driven by a combination of falling Treasury yields, a weakening U.S. dollar, and heightened geopolitical and monetary uncertainty.

Investors are now seeking clarity on whether the Fed will signal further easing in 2025, potentially extending into 2026. The backdrop of labor market softness and persistently uneven inflation data has increased the likelihood of a broader rate-cutting cycle. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, while a weaker dollar enhances gold’s global affordability.

Macroeconomic Forces Replacing Trade Noise as Key Driver

Analysts from ANZ Group Holdings noted in a recent report that "macroeconomic numbers are likely to take over from tariff-related headlines," as markets shift their focus toward how Trump-era protectionist policies may affect broader U.S. growth metrics and inflation trajectories.

While the recent focus has been on U.S. tariffs and tensions with China, the Fed's dovish turn now dominates investor narratives. The current market environment reflects a strong correlation between gold prices and forward-looking monetary conditions rather than immediate trade developments.

Geopolitical Instability Adds to Bullion’s Appeal

Beyond interest rate dynamics, broader uncertainty remains a key catalyst for gold. Former President Donald Trump’s aggressive stance toward the Fed highlighted by his attempts to remove Fed Governor Lisa Cook has created institutional volatility that is further boosting safe-haven demand.

Goldman Sachs analysts suggest that this combination of domestic political instability and global central bank buying could push prices toward $5,000 per ounce if current trends hold. Central banks, particularly in emerging markets, have significantly increased gold reserves amid concerns over currency stability and geopolitical fragmentation.

Strong Demand Despite Profit-Taking and Volatility

Despite a modest 0.2% pullback in early Monday trading, gold continues to outperform other precious metals. Platinum rose above $1,400 its highest level in nearly a decade while silver and palladium saw slight declines. The Bloomberg Dollar Spot Index remained steady, suggesting that forex positioning is already largely adjusted to expected policy outcomes.

While gold's recent breakout has captured investor enthusiasm, analysts caution that any surprise hawkishness from the Fed or easing of geopolitical tensions particularly between the U.S. and China could slow its ascent. A second day of high-level U.S.–China talks in Madrid could offer such a moderating influence if progress is made on trade and security agreements.

Unusual Gold Export Surge in Asia Raises Red Flags

Meanwhile, in Southeast Asia, a 19% spike in Thai gold exports to Cambodia has prompted suspicions of illicit financial activity. The Federation of Thai Industries is investigating potential money laundering, underscoring how gold’s dual role as a safe-haven and monetary vehicle can invite regulatory scrutiny.

Such regional anomalies also highlight gold's persistent role in cross-border capital flows and the complex interplay between formal monetary policy and shadow financial networks.

Bullion's Rally Reflects Structural Shifts, Not Just Cyclical Fears

Gold's rise near record levels is no longer a short-term reaction to volatility it is a reflection of deeper shifts in the global economic order. With central banks increasingly prioritizing financial resilience over inflation targeting, and with geopolitical fractures redefining global trade dynamics, gold is regaining its prominence as a foundational asset in diversified portfolios.

If the Fed confirms a dovish path and global instability remains elevated, gold may break decisively above current resistance levels, entering a new super-cycle that redefines safe-haven investing for years to come.

Source: Bloomberg

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Economic

Tax Reversal Marks Early Political Test for President Lee

In a significant policy reversal, South Korea’s government has officially withdrawn a contentious proposal to lower the capital gains tax threshold on equity holdings from 5 billion won to 1 billion won ($717,535). This marks the first major retreat under President Lee Jae Myung since his inauguration in June 2025, and highlights both the strength of public opposition and the fragility of equity market sentiment in Asia’s fourth-largest economy.

The proposed measure framed as part of a broader effort to boost fiscal revenues amid U.S. tariff pressure sparked fears among retail investors and triggered a sharp selloff in August, wiping billions in market capitalization. As domestic equities reeled, pressure from individual investors, who account for roughly two-thirds of daily trading activity, forced the administration to reconsider.

Retail Investors Flex Political Muscle as Kospi Surges

Retail activism played a decisive role in the policy reversal. Groups like the Korea Stockholders Alliance warned that slashing the capital gains threshold would devastate investor sentiment and sabotage Korea’s capital market ambitions. Their outcry was not without consequence: President Lee, who campaigned on promises to elevate the Kospi index to 5,000 points, faced the risk of alienating his voter base early in his presidency.

The market responded favorably. On Monday, the Kospi gained as much as 0.7% hitting a record on expectations of the tax rollback. The index has surged roughly 42% year-to-date, making it one of the top-performing equity benchmarks globally, thanks to momentum in corporate reforms and strong foreign inflows driven by the global artificial intelligence boom. According to Goldman Sachs, net foreign buying last week reached 4 trillion won the largest weekly inflow since 2013, mostly concentrated in tech stocks.

Policy Tensions Between Growth and Fiscal Prudence

While the abandoned tax proposal alleviates market fears in the short term, it also leaves unresolved the fiscal pressures that motivated it. President Lee’s administration is actively seeking new revenue sources to fund campaign pledges amid a weakened economy and slower tax receipts. Scrapping the capital gains change leaves a revenue gap, further straining South Korea’s already-loose fiscal posture.

Hyosung Kwon, an economist at Bloomberg Economics, warned that the tax reversal “exposes flaws in the large shareholder gains tax,” and urged future reforms to avoid market distortions. Kwon noted that while satisfying retail investors may be politically expedient, repeated policy flip-flops risk weakening tax discipline and overall budget credibility.

History Repeats: Second Tax Retreat in Two Years

This is not the first time that organized retail voices have blocked capital taxation plans. Just last year, then-President Yoon Suk Yeol reversed a proposed financial investment tax following similar backlash. President Lee, despite initially backing higher taxation on investment income, now finds himself facing the same limits on fiscal policymaking.

Analysts argue that with approximately one-third of Korean households invested in stocks, bonds, or mutual funds, public resistance to capital market taxation is now a structural constraint on policy. Any revenue-raising initiative must navigate a complex landscape where economic fragility, equity market reliance, and investor sentiment are closely intertwined.

Outlook: Balancing Growth, Governance, and Investor Sentiment

Lee’s retreat signals a pragmatic approach to governance but also raises questions about the sustainability of his fiscal roadmap. While short-term market confidence has been restored, the long-term need for a stable tax base remains unaddressed. The creation of a presidential committee tasked with lifting the Kospi to 5,000 points reflects the administration’s prioritization of capital market development but this comes at the cost of delaying key fiscal reforms.

The administration must now chart a path that sustains investor optimism without undermining South Korea’s fiscal foundation. This may involve redirecting reform efforts toward consumption taxes, public asset reallocation, or targeted levies that are less politically sensitive than investor-focused capital gains measures.

South Korea’s decision to withdraw its capital gains tax plan is a clear victory for retail investors and equity markets. However, the move reveals deeper tensions between political accountability, revenue generation, and market stability. As President Lee continues to navigate his first year in office, the capital gains tax reversal stands as both a cautionary tale and a litmus test for economic governance in an increasingly investor-driven democracy.

Source: Bloomberg

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Economic

Forex

Dollar Steadies as Fed Takes Center Stage

Ahead of what could be a pivotal week in global monetary policy, the U.S. dollar held steady in Monday’s early trading session, with investors awaiting critical central bank decisions. The dollar index hovered around 97.65, showing little movement as Asian markets opened quietly due to Japan’s holiday. Despite recent downward pressure driven by expectations of U.S. rate cuts, traders appeared cautious ahead of the Federal Reserve's decision due midweek.

Currency movements were mostly muted, with major pairs trading in narrow ranges. The euro dipped slightly by 0.09% to $1.1724, shrugging off a significant downgrade from Fitch Ratings, which stripped France of its AA- credit status the lowest on record citing political uncertainty and rising public debt. However, markets showed little concern, suggesting the downgrade had already been priced in or was not expected to have spillover effects on broader eurozone assets.

All Eyes on the Fed’s Guidance and Dot Plot

The spotlight remains firmly on the Federal Open Market Committee (FOMC), with expectations high for a 25-basis-point interest rate cut this week. Carol Kong, strategist at the Commonwealth Bank of Australia, noted that the rate cut is “more than fully priced in,” indicating limited market reaction unless the Fed surprises with an outsized move or dovish signals.

More crucial than the rate cut itself will be the Fed’s "dot plot" and Chair Jerome Powell’s tone. According to Kong, the Fed would need to “out-dove” market expectations perhaps by hinting at additional cuts in quick succession to exert further downward pressure on the dollar. If the Fed surprises with a 50-basis-point cut without hinting at further action, the dollar may find support again, balancing investor sentiment.

Global Central Banks Follow Suit Amid Diverging Growth Paths

The Bank of Japan (BOJ) will also meet this week, with expectations of a policy hold. However, the yen slightly strengthened to 147.56 per dollar, suggesting some positioning ahead of the meeting. Political instability in Japan, following the resignation of Prime Minister Ishiba, has recently weakened the yen, and analysts at MUFG argue that only a clear signal of an upcoming rate hike from the BOJ could spark a durable reversal in the yen’s performance.

Meanwhile, the British pound held firm at $1.3554, and the Australian dollar hovered near a 10-month high at $0.6652, buoyed by firm commodity demand and relative domestic stability.

The New Zealand dollar eased slightly to $0.5953, and the offshore Chinese yuan remained steady at 7.1230 per dollar. U.S. and Chinese trade officials held preliminary talks in Madrid over the weekend, focusing on strained trade ties and a looming decision over the future of Chinese-owned TikTok in the U.S.

France Downgrade Has Limited Market Impact

Despite Fitch cutting France’s sovereign credit rating amid growing fiscal stress and domestic political tensions, the euro's minimal reaction suggests broader European risks remain contained for now. Market participants appear more focused on monetary policy direction and data surprises than ratings headlines.

The dollar’s steadiness on Monday reflects a market in wait-and-see mode. With the Fed likely to initiate its rate-cutting cycle, and with Powell’s comments expected to set the tone for the remainder of 2025, global markets are bracing for potential volatility.

If Powell signals further easing amid global policy divergence, the dollar could weaken across the board, benefitting currencies like the yen, Aussie, and emerging market units. However, any indication of restraint or inflation vigilance could see the dollar regain upward momentum, particularly against the backdrop of France’s downgrade and Europe’s fiscal concerns. This week, monetary policy narrative not just rate numbers will drive currency markets.

Source: Reuters

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Economic

Persistent Decline Reflects Enduring Weakness in Housing Demand

China’s real estate sector remains entrenched in decline, as official data released Monday showed that new home prices fell by 0.3% in August from the previous month. This marks the fourth consecutive month of contraction and mirrors the decline recorded in July. On a year-on-year basis, prices dropped 2.5%, a slight improvement from the 2.8% fall in July but still reflective of a broader systemic weakness.

The data, derived from the National Bureau of Statistics and compiled by Reuters, confirms that housing remains a major impediment to growth in the world’s second-largest economy. The trend has persisted since May 2023, despite multiple policy interventions.

Nationwide Weakness Across Tiers and Regions

Among the 70 cities surveyed, 57 saw month-on-month price declines, and 65 recorded annual decreases. Notably, resale prices a key measure of real market sentiment fell sharply. Tier-one cities posted a 3.5% drop year-on-year, while tier-two cities fell 5.2% and tier-three cities, the most fragile segment, declined 6.0%.

This widespread weakness is partly a consequence of oversupply in lower-tier cities and depressed buyer confidence nationwide. As secondary-market listings remain high and household income expectations falter, even relaxed purchase restrictions have not reignited demand.

Investment and Sales Continue to Slide

Property investment fell 12.9% year-on-year in the first eight months of 2025, highlighting a severe contraction in developer activity. At the same time, floor space sales a proxy for transaction volume slid 4.7% over the same period.

These figures reveal a sector caught in a downward spiral. Developers are scaling back, new project launches are being delayed or shelved, and consumers are staying on the sidelines. The interplay of these dynamics is contributing to deflationary pressures and suppressing broader economic momentum.

Policy Easing Yet to Deliver Results

Local governments in cities like Shanghai and Shenzhen have responded by easing homebuying restrictions in selected districts for qualified buyers. These adjustments are part of broader efforts to support market stabilization through targeted deregulation.

However, the central government remains cautious. Premier Li Qiang reaffirmed in August that “forceful measures” are necessary to consolidate the market’s fragile stabilizing trend. Yet thus far, actions such as mortgage rate cuts and urban village renovation programs have failed to yield a sustained turnaround.

The lack of a coordinated national rescue package may reflect Beijing’s desire to avoid fueling speculative bubbles. However, the piecemeal nature of local easing policies has limited their effectiveness in reviving confidence or addressing inventory overhang.

Stabilization Expected in Late 2026 or Beyond

Most analysts surveyed by Reuters now believe that housing market stabilization will not occur before the second half of 2026 or even into 2027 a significant revision from expectations just three months earlier. This adjustment suggests growing pessimism about the pace of recovery and the structural nature of the property downturn.

Factors such as high youth unemployment, stagnant wage growth, and demographic shifts are dampening long-term demand. These are not merely cyclical pressures but reflect deeper transformations in China’s urban economy and household behavior.

A Sector in Need of Stronger Intervention

China’s housing market continues to be a drag on the country’s post-COVID economic rebound. Despite policy support and marginal easing in major cities, the August data shows no sign of meaningful recovery. With investment and sales still falling and sentiment weak across tiers, real estate remains a key macroeconomic risk.

Unless Beijing adopts a more unified and aggressive policy stance potentially including broader financing support, developer restructuring, or demand stimulation the sector could continue to weigh heavily on China’s broader growth trajectory well into 2026 and beyond.

Source: Reuters

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BDA Partners Trims Shanghai Staff Amid M&A Headwinds and Strategic Realignment in Greater China

M&A Slowdown Forces Strategic Cutbacks at BDA Partners in China

China Market Challenges Test Foreign Advisors

Wave of Retreats Reflects Broader Trend Among Western Firms

A Restructuring Era for Global M&A in Asia

Source: Bloomberg

Bitcoin Whale Is ‘dumping’ Again As BTC Flatlines At $116K

Source: Lookonchain

Wallet dumped Bitcoin for Ether

Bitcoin hovers at $116,000 resistance

Other whale wallets move Bitcoin

Source: COINTELEGRAPH

Markets on Edge as Fed Poised to Restart Rate Cuts, Global Central Banks in Focus

Asia Opens Steady Amid Central Bank Spectacle

Key Central Banks on Deck: Canada, England, Japan, Norway

Trump Pressure, Eurozone Ratings, and China’s Slowing Recovery

China’s August Data Weakens, Property Market Still Dragging

U.S.-China Talks, Oil Volatility, and Market Sentiment

Source: Reuters

Gold Near Record Highs as Fed Rate Cut Looms, Investors Eye Policy Clues and Geopolitical Risks

Gold Surges Ahead of Fed Decision on Easing Cycle

Macroeconomic Forces Replacing Trade Noise as Key Driver

Geopolitical Instability Adds to Bullion’s Appeal

Strong Demand Despite Profit-Taking and Volatility

Unusual Gold Export Surge in Asia Raises Red Flags

Bullion's Rally Reflects Structural Shifts, Not Just Cyclical Fears

Source: Bloomberg

South Korea Reverses Capital Gains Tax Plan After Retail Investor Revolt, Boosting Kospi Rally

Tax Reversal Marks Early Political Test for President Lee

Retail Investors Flex Political Muscle as Kospi Surges

Policy Tensions Between Growth and Fiscal Prudence

History Repeats: Second Tax Retreat in Two Years

Outlook: Balancing Growth, Governance, and Investor Sentiment

Source: Bloomberg

Dollar Holds Firm Ahead of Fed Decision as Markets Await Global Rate Signals

Dollar Steadies as Fed Takes Center Stage

All Eyes on the Fed’s Guidance and Dot Plot

Global Central Banks Follow Suit Amid Diverging Growth Paths

France Downgrade Has Limited Market Impact

Source: Reuters

China’s Housing Market Slips Further in August Despite Policy Support: Price Declines Extend to Tier-One Cities

Persistent Decline Reflects Enduring Weakness in Housing Demand

Nationwide Weakness Across Tiers and Regions

Investment and Sales Continue to Slide

Policy Easing Yet to Deliver Results

Stabilization Expected in Late 2026 or Beyond

A Sector in Need of Stronger Intervention

Source: Reuters

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