海外研报

Yen facing cross-currents

The monetary policy convergence story is real - DB changed its Fed call to 3 cuts(previously 1) this year after the CPl print. While the Fed repricing over the comingyearortwo hasn't been huge (eg, 1y1yis still comfortably above thelows

A major rotation is underway in global equities

The surprisingly soft US June CPI print has triggered a price surge in highly-levered and beaten-up global small-cap stocks relative to their large-cap counterparts. In our view, this