海外研报

Elevating To Top Pick As Apple Intelligence Catalyzes Record Upgrade Cycle

Apple Intelligence is set to drive record device upgrades; our new forecast calls for 235m iPhone shipments in FY25 and 262m in FY26, 2-12% above Street.

Land of the rising equities and bond yields — a look at cross-asset moves in Japan

Last week a softer-than-expected CPI print pushed forwardrate cut expectations and prompted one of the largest

Argentina: Impressive disinflation, with side-effects

Argentina: Impressive disinflation with side-effectsArgentina inflation is dropping much faster than expected, from 25% in December (13%

Macro Credit Views: Trust in carry (Karoui)

Carry remains our baseline view. Valuation constraints continue to loom large inmost segments of credit markets, greatly limiting the scope for upside convexity

Weekly sales down by 22% YoY; possible implications from the third plenum

Weekly home sales down by 22% YoYDuring the past week (July 6th to July 12th), primary home sales volume in 32 major cities saw 41% sequential drop (partially attributable to seasonality) and was also down

Japan Weekly Kickstart Could sentiment finally be shifting on Japan SMID?

The strong performance of the Russell 2000 index so far thismonth (+8% since 9 July) appears to have re-focused some

Malaysia’sQ2GDP:well-rounded improvement in growth

Malaysia’s Q2 2024 GDP recorded a robust 5.8% y/y growth according to advance estimates released today. Not only did this performance surpass

Shifting narrative and market implications

We hosted the fifh installment ofthe Strategic Research 2024 US Election Watchseries on July 17, featuring IP, Morgan researchers who discussed the keytakeaways, firom meetings duringour recent trip to Washington, D,C, The meetingsin

The Impact of Trade Policy Uncertainty on UK Equity

The US presidential election is re-shaping the Europeanequity market. While markets have just started to fadeEuropean political risk,

BIDEN RESIGNS AND HARRIS FEELS THE HEAT (OF HISTORY)

President Biden’s departure from the presidential race did not coronate his VP, Kamala Harris, as successorcandidate for president. If he had instead resigned from office, he would have cemented her candidacy and given