海外研报

Key learnings from earnings season that support The Future of Utilities Capex

With second quarter earnings season now behind us, we reflect on key learningsthat support The Future of Utilities Capex, our constructive view on Utilities, and our

Global Rates ldeas

Reiterate UST 5Y-2Y flattenerPage 3A rapid repricing of Fed easing expectations has resulted in substantial steepeningbeing priced into the Treasury curve; we think this presents a near-term opportunityto further harvest carry and reiterate our tactical

Global Rates & FX Watch Estimating August FX rebalancing needs

Macro portfolio estimates: out of EUR and into USDWe estimate FX rebalancing needs based on a conventional 60/40 portfolio of global .

CEO Letter Highlights 2024 Challenges & 2025 Operating Priorities

Overnight, SNAP’s CEO Evan Spiegel released an internal letter toemployees (entitled “13 Years at Snap Inc.”) that highlights a few key

JPM_Flows & Liquidity What do markets expect ahead of the US jobs report

Market pricing appears to suggest little US recession risk priced in equities and credit while bond and commodity markets seem to price in

Global Economic Outlook Cycle? What cycle?

The great disconnect – Markets vs economistsOkay, let’s talk labour markets

SocGen - China Economic Update - Slipping into a downward spiral

Domestic activity data deteriorated more than market expectations in August again. With the data in hand, 3Q GDP growth is tracking at

GS--Foreign buying led by Taiwan; Large inflows into US ETFs

Foreign (FII) flows / positioningn EM Asian ex-China region saw buying (+US$1.1bn) this

Curve to further steepen on “many more” rate cuts

sharp market rally since Q224, we expect US rates to stay in a range near term.

MS_Employment report preview_ Solid September_20240927

We forecast payrolls rose 160k, average hourly earnings rose