海外研报

China data preview: a weak start to H2 2024

Slowing industrial production: The production subindexes of both official and Caixin manufacturing PMI slowed in July, signalling a

Japan: government expects BoJ to create steep curve, not rate hikes

The government has clearly indicated that it intends to “shift corporations from excess savings to excess investment, and completely

2Q24 EPS Miss on Margins; Initial 3Q Trendlines Somewhat Muted vs Expectations

Bottom Line: ARCB 2Q24 adjusted EPS of $1.98 was belowGSe/Visible Alpha Consensus estimates of $2.20/$2.08. Results

weighed down by continued weakness in North Asian markets & Global Cyclicals

MXAPJ lost 0.8%, dragged down by Philippines, Taiwan andKorea (-2% each), while Thailand, Australia, and Indonesia

Barclays Equity Factor Monitor

Updated monthly holdings and performance stats for ourequity factor baskets across the US & Europe are presented

Change in Fed call: Three 25bp cuts this year

With this morning's weaker-than-expected labor market report,we now expect the FOMC to cut rates by 25bp three times this

Global Economics Weekly Ready, set... slow

The global economy is showing signs of slowing, withmanufacturing weakening and the US labour market cooling.

CQ2 Public Cloud Update; Steady Growth in Q2, Capex Remains Top of Mind 

CQ2 showed sequential growth improvements for AWS and GCPwhile Azure was steady (when adjusting for the leap year). A

New CEO announced, production outlook held, higher FCF use expected for FY; Buy

Our view on the stock post 2Q24 earningsWhile 2Q24 was a choppy quarter, we think sustained progress onproduction rates (July similar to an improved June) and the

Refunding recap: bill shift => coupon delay

UST coupon sizes stable, bills to rise in futureTreasury kept nominal coupon sizes stable & modestly increased TIPS sizes at the August refunding, as expected (see UST refunding preview). Three aspects of the