海外研报

BofA What Seasonality

S&P 500 defies gravity in the seasonally weakest monthThe S&P 500 gained 2.1% on a total return basis, the best September since 2013 and

BofA_FX Viewpoint FX flows & positioning in Q3_20241009

Market overview: Hedge Fund USD selling vs. EM FXBofA investors ended Q3 slightly long USD, neutral rest of G10 FX, and marginally short

BofA_Liquid Insight ECB- from how fast to how far_20241009

Key takeaways• The ECB seems to have opened the door to back to back cuts. This potentially answers the question of how quickly they cut.

BofA_US Viewpoint September CPI FAQ- expected report should create scope for dip buying_20241009

0.3% CPI = more bark than biteWhile knee-jerk the market may initially bear flatten with a MoM core 0.3% CPI print, we

GS--China Optical Transceivers_ 3Q Preview

Optical Transceiver makers (Innolight, Eoptolink, HG Tech, TFC Optical) in ourcoverage are scheduled to report 3Q results during Oct 22~Oct 24. We expect

GS--China: Tourism data showed largely stable momentum during the National Day Golden Week

Bottom line: Tourism data during the National Day Golden Week showed largelystable growth momentum in the hospitality sector vs previous long holiday, with

Global Metals & Mining_ Rio Tinto agrees counter-cyclical cash offer to acquire Arcadium Lithium

Rio Tinto has announced an agreement to acquire Arcadium Lithium (Not Rated).According to Rio, this represents a counter-cyclical expansion aligned with its

GS--GS EUROPEAN EXPRESS: New Idea: Buy Lonza | Encore: Buy SSE, ZELA (both on CL), DBKGn |

Lonza – back on track to deliver compounding returns; initiate at Buy – We initiatecoverage on Lonza Group AG with a Buy rating and a 12-month price target of CHF645. Despite performance YTD, we still see scope for further upside, with Lonza

GS Utilities Daily: SSE: Sizable visibility coming to the renewables rollout

In July, the Labour government was elected and has since brought into play moreambitious targets for UK renewables development. Over the next 12-18 months,

Jefferies - Power & Utilities - PowerPoints_ CA_MO_TX Regulatory, Data Centers,

CA (=) Watching cost of capital with utility ex-parte meeting today. AEE/EVRG(=) MO Staff in peer case is reasonable. Data center latest McKinsey forecast