Andrew Lees

The immediate problem is the excess capital investment and the costly maintenance of the projects it has spawned. Longer-term, Asia's growth prospects look good.

This note from Andy Lee shows a potentially bearish trend developing in the US stock market, with the S&P500 breaking down below it’s long-term trendline since the Federal Reserve started its second campaign of quantitative easing.

There is a difference between economic growth from mere factor mobilisation and economic growth from increased productivity. One requires a lot more capital investment and debt than the other. If and when capital investment growth slows,…

As labour costs in China rise, economists are beginning to think about replacing labour with capital, something we have already seen as a major factor in suppressing wage gains in developed economies. This is also in line with what…

A fall in commodity prices increases the potential for financial market disruption and non-performing loan problems in China.

You have strong growth in emerging markets offset by weaker growth in the developed economies. Who wins this battle? For now, EM is winning and that is bullish for commodities over the near-term.

Despite pumping trillions of yen into the economy over the last decade, Japan's M3 money stock is no higher now than it was at the beginning of the last decade as the private sector has deleveraged.

You have probably seen the headlines on the natural gas accident in Pennsylvania. Chesapeake Energy, the largest natgas driller reported on Tuesday that one of its wells in Bradford County, Pennsylvania was uncontrollably spilling thousands…

From the International Business Times and Andy Lees at UBS: Reports that central China's Hubei province has joined a growing list of regions facing coal shortages with a warning that it is very likely to start power rationing later this…

Here's a fabulous look into the political economy of oil by Andy Lees. His view is that the era of cheap oil is over. But, more than that, natural resources as a whole are increasingly dear. And a world of dwindling natural resources has…