海外研报

The Structured Credit Trader No end to amend and extend

n Despite the rally across spread products, Freddie Ksenior tranches have lagged and now appear cheap vs.

Post 2Q24: Q224 Retail +18% cFX - Prada robust and Miu Miu acceleratio

H124 Sales +3% ahead of VA Consensus; EBIT 4% ahead:Ongoing outperformance in 2Q24 retail sales +18% (no

EM easing cycle to widen out

Macro focus: Diminishing US growth exceptionalism and the Fed’s articulation that the start of the easing cycle is imminent should relax the constraints on EM

Global equities, up 2.4% in August, are making new highs

Global equities gained 0.3% last week, with Japanoutperforming (Exhibit 1). Equity markets are making newhighs (Exhibit 2) while our bear market indicator is back at