海外研报

Interest Rates Trade Idea-Close: long TIPS 5Y breakevens

On 20 June, we recommended being long TIPS 5Y breakevens (BEs), as theylooked cheap to oil prices and nominal Treasury yield. At around 2.21% on

US Treasury futures: calendar rolls outlook, September-December 2024

RecommendationsTU – Mildly bearish. Positioning is bearish due to record-high asset manager net positioning in the sector. TU roll will likely be sensitive to risk events and front-end moves, including a

The Powell of the Powerless-Global Daily

The Fed Chair’s dovish Jackson Hole speech was analysed pithily by our Fed watcher Philip Marey: “Regarding the Fed’s initial diagnosis that inflation was “transitory”, Powell tried to hide

more cautious land banking pace amidst weakened cash collection

COLI’s 1H24 core profit (net profit excluding revaluation gain/loss and FX impact)declined by 23% yoy (below -12% yoy in prior FY24 GSe) to Rmb10.6bn, as inline