海外研报

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.

ADP Employment Below Expectations

BOTTOM LINE: According to the ADP report, private sector employment increasedby 99k in August, below consensus expectations, and employment in July was