海外研报

Global Earnings Revision Ratio Hint of softness

Global Earnings Revision Ratio moderated in JulyIn a hint of softness in earnings expectations, the Global Earnings Revision Ratio

FX View The big carry unwind is underway

The unwind is real but this morning’s moves are overdone. You can’t unwind the biggest carry trade the world has ever seen without breaking a few

Back Up To Moderately Overweight

After the abrupt cut to underweight last week,our measure ofaggregateequity positioning bounced to turn moderately overweight again (z score0.33, 63rd percentilel, but is still well below the mid-July highs at the top ofthe historical band. Discretionary