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􀂄 Hong Kong. Banks would likely follow the US Fed to cut the prime rate by
50bps; the retail market is likely to remain booming in December (p. 3).
􀂄 India. There is a high probability of a rate cut; the trade deficit is likely to
remain around US$7bn in December (p. 4).
􀂄 Indonesia. We expect to see relatively high inflation as prices of most basic
consumer needs, especially food, rose significantly (p. 3).
􀂄 Korea. We expect slower momentum in production and consumption data,
strong exports and even stronger imports, and inflation rising further (p. 6).
􀂄 Malaysia. We do not expect any change in the OPR as inflation pressures tie
Bank Negara's hands (p. 8).
􀂄 Philippines. We expect the MB to cut rates by 50bps, and anticipate 2007
growth of 7% on upbeat domestic demand (ex-inventory) (p. 8).
􀂄 Singapore. Slower GDP growth in the fourth quarter is unlikely to affect overall
employment (p. 10).
􀂄 Taiwan. The index of leading indicators probably fell slightly in December
mainly due to poor equity market performance (p. 11).
􀂄 Thailand. Exports will continue to defy expectations of a downturn; easing oil
prices and strong baht may have capped inflationary expectations (p. 11).