MON 25 MAR

•Markets in India will be closed for a holiday.

•Earnings: Petrochina, China Merchants Bank, China Resources Land.

•US New Home Sales (market expectation 675k)

TUE 26 MAR

•In China the Baoaforum will begin and continue until Friday.

•Earnings: BYD, NongfuSprings, CiticSecurities, PICC, Anta Sports and Mengniu Dairy.

•In the US, the Philly Fed, durable goods orders, house prices and the Richmond Fed index will be released.

•Earnings: ICBC, China Life, Midea, Bocom, China Everbright Bank, Chalco.

•US mortgage applications are expected to fall.

THU 28 MAR

•Earnings: Agricultural Bank, Bank of China, China Construction Bank, Postal Savings Bank, China Pacific Insurance, COLI, Minsheng Bank, Air China, Country Garden and Vanke.

•US Q4 GDP data (market expectation 1.6%) will be reported along with PCE data (expecting 2.1%), personal consumption, jobless claims, PMI and Michigan sentiment.

FRI 29 MAR

•Markets in Australia, Hong Kong, India, Indonesia, Philippines, Singapore, US, UK and Germany will be closed for holidays.

•Earnings: Industrial Bank, SAIC and Shanghai Port.

•In the US personal income (expecting 0.4%) and spending (expecting 0.5%) will be reported.

• March saw a big MoM rotation into EM stocks (largest jump since Apr 2017) and into Eurozone stocks (largest jump since June 2020).

• Allocation to Eurozone and EM equities combined is the highest since May 2023.

EM

Relative to AUM, India, Colombia, and Taiwan recorded the largest inflows within EM, while Brazil, South Korea, and Thailand recorded the largest outflows.

AI SEMI SUPPLY CHAIN

Taiwan plays a key role in design service, foundry, and OSAT for AI server semis currently.

(source:Bloomberg)

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