海外研报

China: June money and credit data below expectations

June’s money and credit data all came in below expectations. The total socialfinancing (TSF) flows fell notably from May to June, primarily on slowed government

Quarterly beat with strong EUV bookings, with reiterated FY guidance

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this

Global Rates Notes: Sufficient Liquidity, Constrained Capacity

n Treasury repo rates remain broadly anchored, but more sustained pressure sincequarter-end suggests a shift in dynamics. n A range of factors point to pressure arising from constraints on capacity to

Cross Asset Strategy Spotlight on Inflation

The strong rally in markets during November and December 2023 was attributable to the emergence of the immaculate disinflation thesis. This

US MARKET INTELLIGENCE:MORNING BRIEFING

SPX +0.2%, NDX +0.4%,RTY -0.2%.WTl Obps at $82.85, NatGas +10bps to $2.04, UKNatGas +111bps to £0.7459, Gold +32bps to $2,467, Silver +73bps to $30.52,10Y @4.185%and VIX @ 14.44.

Relative value models and analysis

Mean Rvt Rank is based on an autocorrelation statistic on spline spreads over the past month. 100 means the spread is highly mean reverting relative to others, and vice versa.

Europe Economic Weekly Back to cuts when back to school

Weekly view: Time to watch cycling and the OlympicsWe end the week feeling more comfortable again that the ECB will deliver a September

Never (OK, rarely) short a dull market

Two studies, one conclusionThe challenge with studies on prolonged stretches like the chart on page 1 is that

Mizuho China Weekly Outlook

Last week, the PBoC signaled its intention to borrow central government bills (CGBs) to calm the rate rally onshore if needed. This announcement followed investors’ dismissal of the PBoC’s warning in May about

Catch-Up Call-Weekly Investment Grade TMT Review

Theme of the week – Between a Roundball Rock and a Hard Place: Although the league has yet to confirm the details, the WSJ and The Athletic both reported