In virtually all cases globally, movements in bank stocks tell us important information about property stocks. The assets of banks are mostly collateralized property. And the liabilities of property companies are mostly collateralized loans. Of course they are tied at the hip.

A prime example is the Philippines. The bank stocks and the property stocks have a 98% correlation. They are the same creature. The charts inside show this without a shadow of a doubt. There is no need for stock analysis in the Philippines. It is a unitary index bet. It is either a buy or a sell — full stop.