海外研报

Cross Asset StrategyWhere is the bottom?

Have we seen the worst of it? We rewiew the history of bottaming signals,which suggest there is rnore pain to come.

Is Gold A Good Place To Hide?

Despite the recent market rout, gold's performance has maintained its leadership position. Global equities arup 7.5% in 2024YTD, global bonds are up 2.6% over the same period while gold prices have rallied by a soli17%. Given our high conviction

Month-In-Review: Where Next For BondYields And The Dollar?

The dollar is a buy over the nextsix to 12 months, but a sell over athree-year horizon.The yen has all the catalystsrequired to rally.

The storm before the calm?

sectors had wow down moves of less than -2%. Moreover,Real Estate actually finished the week in positive territory.

A slowing, not a slump: what we're watching

We expect a moderate slowdown, and the Fed cutting 25bps in September. But the burden of proof is on the soft landing. Last

Japan Equities and the Yen

Incoming economic data may drive a further unwinding of JPY carry trades/FXhedged activity from overseas equity investors. We retain a bullish JPY skew.