海外研报

US Treasury August QRA preview

We expect the Treasury to keep coupon auction sizes stable at the August quarterly refunding announcement (QRA) on 31 July. The refunding coupon sizes

Earnings Bars (AAPL, AMZN, DASH, INTC, MCHP, NET, SNAP), ARM, LRCX, META, QCOM

Sentiment: Still one of our more crowded shorts, but it’s seen substantial covering by equity L/S funds. In the wake of TXN (where embedded was weaker) and STM (MCU weaker) results – the latter of which feels more idiosyncratic

Global Macro: Too far, too fast?

The market has sharply re-priced to reflect fears of asignificant slowdown in US growth and heightened

If the plan is to sell dollar rallies, it isn’t working.

Jay Powell’s focus on labour market data as the biggest driver of rate-hike timing leaves days like today (no jobs numbers, only consumer confidence, house prices and regional fed activity

Global Rates Trader Policy Priorities Diverge

Ahead of key US data next week, signals out of the US have furthered the post-JulyNFP theme. Incremental inflation news has reinforced the shift in Fed focus towards