海外研报

Emerging Insight The Great Divides in USD/CNY

Key takeaways• As the focus on USD vs. CNY valuation and trade intensifies, we take a broader look at key macro charts.

June deficit contracts in line with moves from advance goods report

The overall trade deficit narrowed $1.9bn in June, to $73.1bn, reflecting export growththat outpaced import growth. The deficit narrowed less than we expected (Barclays -$72.1bn,

Data offers a bit of comfort, but sentiment still fragile

CPI inflation has improved in recent months following the hotter-thanexpected data in Q124, and we expect that trend to continue with another

First Look: A Reassuring Beat in Q2 24

Nubank posted net income that was 12.7% above consensus, a reassuringbeat following all the prevailing noise on rising NPLs and slowing loan growth