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3Q 2008 Economics – Markets – Strategy Singapore Sales Investor Advisory: Donne Lee Boon Hua (65) 6878 5237 Rina Ooi Cheng Pheng (65) 6878 2088 Sebastian Lee; Cecilia Tan Wee Pin; Ian Gan Guan (65) 6878 6775 Wilson Teo (65) 6878 9755 Regional Structured Product Advisory: (65) 6878 4734/5 Thio Tse Chong, Yip Peck Kwan, Amiel Gaa; James Tan Kia Huat Corporate Advisory I: (65) 6878 5367/8 Teo Kang Heng (65) 6223 3383 Rebekah Chay Wan Han (65) 6878 5367 Wesley Foo Shing Meng (65) 6878 5683 Corporate Advisory II: (65) 6878 2090/1 Liang Eng Hwa Lisa Wong Wei (65) 6224 5433 Regional Equities Lim Kok Ann (Institutional, DBS Vickers Securities) (65) 6398 7170 Leong Mun Wai (Retail, DBS Vickers Securities) (65) 6398 7688 Hong Kong Sales Advisory Sales Leung Tak Lap (852) 3668 5668 Alex Woo Kam Wah (852) 3668 5669 Dick Tan Siu Chak (852) 3668 5680 Liu Tao (852) 3668 5760 DCM Sales Josephine Tom Chi Ming (852) 3668 5775 Mo Derek Ne-Win (852) 3668 5777 Christine Chong Gan (852) 3668 5774 China Sales Wayne Hua Ying - Shanghai (86 21) 3896 8609 Steven Huang Yong - Guangzhou (86 20) 3884 8010 ext. 860 Ken Li Guo Qiang - Shenzhen (86 755)8269 0939 Taiwan Sales Teresa Chen Li Hsiang (886 2) 8758 0563 Jakarta Sales Dewi Thamrin (62 21) 390 3366 extn 220 PLEASE SEE BACK COVER FOR GENERAL CLIENT CONTACTS Disclaimer: The information herein is published by DBS Bank Ltd (the “Company”). It is based on information obtained from sources believed to be reliable, but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained herein does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. The information herein is published for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Company, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Company or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Company and its associates, their directors, officers and/or employees may have positions or other interests in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking or financial services for these companies. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.
Economics – Markets – Strategy June 12, 2008 Contents Economics On a clear day 5 Currencies Slipping on oil & USD 23 Yield Bearish 43 Asian Equity Between the devil and the deep blue sea 56 Greater China, Korea China Re-thinking CNY appreciation 70 Hong Kong Rates bottom, good for inflation 76 Taiwan Staying on track 82 Korea Surviving 88 Southeast Asia, India India Rising growth, inflation 94 Indonesia Fingers crossed 100 Malaysia Biting the bullet 108 Thailand Politics over economics 114 Singapore Inflation woes 120 Philippines Back-tracking 126 Vietnam Growing pains 132 G3 United States Forecasts rising 138 Japan What virtuous cycle? 142 Eurozone ECB eyes wages 148 1
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Economics - Markets - Strategy 3Q 2
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