Asia Economics & Strategy Daily: EM Strategy Weekly, TW/MY Chart Packs; CN Credits/Trade/CPI; SG MAS Hold, AU Employment

EM Strategy Weekly - Too Many Headwinds to Global Risk Sentiment. Global risk headwinds are intensifying amid growing AI concerns, sticky US inflation, renewed European risk aversion, and elevated energy prices, while Asia FX has remained relatively resilient. EM Asia Strategy - Taiwan/Malaysia Chart Packs: Taiwan's macro backdrop remains underpinned by a robust external position amid the global AI upcycle, with credit growth bifurcated between corporates and households; we stay constructive on Malaysian assets, maintaining our MYR overweight and adding duration via 10Y MGS. We recommend taking remaining profit on our long IDR & INR vs short PHP basket initiated on 1 Sep. China Economics - More Hints of Investment Stabilization from Credit Data?; Export Momentum Broadens but Headwinds Loom, with exports at a seven-month high and the trade surplus widening to a record US$133.5bn on AI demand;