This report assesses the global macro-financial environment and its implications for Australia’s financial stability, with a focus on non-bank financial institutions (NBFIs), sovereign debt dynamics in advanced economies and banking sector funding resilience. Despite a rapid recovery in global risk sentiment following volatility in early 2025, underlying vulnerabilities persist, including elevated leverage and liquidity mismatches in parts of the global NBFI sector, rising so

Professionals usually refer to the term “China’s National Team” when describing a group of  state-linked institutions to trade exchange-traded funds that allows authorities to influence broad market segments quickly, reversibly, and with limited formal announcements. For instance, entities such as the Central Huijin Investment Ltd. is backed by the Ministry of Finance - who operates on a large enough scale to move markets but not enough to be opaque to preserve deniability an

Japan’s 40-year bond yields rose to 4%, the highest level since this bond was first issued in 2007. In fact, no Japanese government bond of any maturity has had such a high yield in over 30 years. This movement was due to concerns about a proposed sales tax cut on food, supported by Prime Minister Sanae Takaichi. In addition, the emergence of the Centrist Reform Alliance has further increased uncertainty by raising the risk of electoral competition leading to looser fiscal co

Quantitative Easing (QE) is one of the largest monetary experiments in modern history. In the most basic terms, this specific...

Truong My Lan is a notorious property tycoon and one of the richest businesswomen in Vietnam’s history. She is also known for...