海外研报

Global Credit Trader There and back again

While spreads have nearly completed their round-trip back to pre-selloff levels,implied volatility on macro indices remains elevated.

BoJ downplaying structural deflationary pressures of excess corporate savings

The BoJ is constructing its inflation forecasts mainly on upward pressure on wages from labour shortages due to the aging of the

Global FX Trader Counting Down to Cuts

USD: Cut but don’t run. The time for cuts has come, and FX markets clearlysee that as a time to short the Dollar. It is understandable because the Dollar

Gauging downside risks to USDCNY from potential

Investors have been increasingly concerned about further CNY appreciation againstUSD, especially for potential USD selling by Chinese exporters. Specifically,

Cycle Playbook – Preparing for a Peak

Amid the excitement around AI, we must not lose sight of the cyclical nature of semiconductors and tech hardware. As we approach a cycle peak, we share our insights on navigating the transition.

he Election and the Economy

We discuss likely changes to trade, immigration, and fiscal policy under each npossible election outcome and estimate the effects on inflation, labor force

Macro & Strategy

In line with our Group’s vision to be the bank for Europe’s future, we continue to focus on product innovation and service excellence.