Economy

Is Global Growth Holding Up?

_{Posted on Feb 11, 2019}

Despite indication of slowing growth in Developed Markets, Emerging markets are showing some encouraging signs.

Emerging markets are showing some encouraging signs - Citi analysts note that China contractor order intake – a good leading indicator of commodity demand for infrastructure – has turned. This suggests stimulus may be starting to have a positive impact.

The latest indicators suggest US growth remains firm - ISM non-manufacturing for January indicated healthy expansion in the services sector. The labor market remains solid and positive news on US-China trade talks is making markets less nervous. Of note, the Fed’s 1Q19 Senior Loan Officer Survey showed a relative tightening of credit conditions

Capital is flowing into EMs, pushed in part by a more dovish Fed - EM funds enjoyed their 17th week of inflow. Most of the inflows went to GEM funds which had US$3.1bn of inflow. LatAm and EMEA funds also had inflows of US$280mn and US$66mn respectively. Asia funds had a net outflow of US$300mn but China funds managed to attract US$275mn of inflow.

The data for Europe struck a negative tone this week - German factory orders and industrial production both disappointed, while the January services PMI data point to below-potential and divergent growth. Further, leading indicators suggest the outlook is not too bright and it looks like European financial conditions are not as loose as they used to be.

_{By Citi Global Wealth Investments | Apr 25, 2024}

Weekly FX Focus - AUDNZD – The Battle Of The Antipodeans

The AUDNZD cross remains resilient around the 1.0850-80 area due to the outperformance of the Australian economy. However, markets are pricing a higher terminal rate of 4.5% for the RBNZ by the end of H1 2025 compared to 3.75% for the RBA. Will the more attractive rates in NZD help to reverse the outperformance of AUD?

FX Economy

_{By Citi Wealth Insights | Apr 23, 2024}

Weekly Market Analysis - Be Ready for the Unexpected

In the hours after Iran launched missiles and drones at Israel on April 13, pundits were quickly jumping to conclusions. Some saw the moment as the tipping point for a far more destructive and wide regional conflict. Others were quick to dismiss it as a meaningless display of force.

Wealth Insights Weekly Market Analysis Economy Asset Allocation

_{By Citi Wealth Insights | Apr 22, 2024}

Japan’s nominal wage growth may set the BoJ to pursue a faster pace of tightening in H2’2024

JPY: Japan’s nationwide core CPI (excluding only fresh food) rises 2.6% YoY in March, down from a 2.8% YoY advance in February. The result is also slightly weaker than consensus expectations for a 2.7% YoY rise.

FX Economy

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the provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act of Singapore and are not eligible for deposit insurance coverage under the Deposit Insurance Scheme.

This communication is for general information only and should not be relied upon as financial advice. The information herein has no regard to the specific objectives, financial situation and particular needs of any specific person and is not intended to be an exhaustive discussion of the strategies or concepts mentioned herein or tax or legal advice. Any person interested in the strategies or concepts mentioned herein should consult their independent tax, legal, financial or other advisors,
as appropriate. This communication does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom
it is unlawful to distribute such information or make any offer or solicitation.

Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making
an investment decision. Interested investors should seek the advice of their financial adviser about the issues discussed herein as appropriate. Should investors choose not to seek such advice, they should carefully consider the risks associated
with the investment and make a determination based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives and assess whether the investment product is suitable for
themselves. Although information in this document has been obtained from sources believed to be reliable, CSL does not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from Its use.

CSL does not provide discretionary portfolio management services.

UAE: This document is distributed in UAE by Citibank, N.A. UAE. Citibank N.A. UAE is licensed by UAE Securities and Commodities Authority (“SCA”) to undertake the financial activity as Promoter under license number 602003.

Citibank N.A. UAE is registered with Central Bank of UAE under license numbers BSD/504/83 for Al Wasl Branch Dubai, 13/184/2019 for Mall of the Emirates Branch Dubai, BSD/2819/9 for Sharjah Branch, and BSD/692/83 for Abu Dhabi Branch.

This is not an official statement of Citigroup Inc. and may not reflect all of your investments with or made through Citibank. For an accurate record of your accounts and transactions, please consult your official statement. Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making an investment decision. Each investor should carefully consider the risks associated with the investment and make a determination based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives.
At any time, Citigroup companies may compensate affiliates and their representatives for providing products and services to clients.

United Kingdom: This document is distributed in the U.K. by Citibank UK Limited and in Jersey by Citibank N.A., Jersey Branch.

Citibank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm’s Financial Services Register number is 805574. Citibank UK Limited
is a company limited by shares registered in England and Wales with registered address at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, Companies House Registration No. 11283101.

Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. Citi International Personal Bank is registered in Jersey as a business name of Citibank N.A. The address of Citibank N.A., Jersey Branch is P.O. Box 104, 38 Esplanade, St Helier, Jersey JE4 8QB. Citibank N.A. is incorporated with limited liability in the USA. Head office: 399 Park Avenue, New York, NY 10043, USA.

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