海外研报

Japan Weekly Kickstart Japan stocks fall sharply; 1Q earnings summary

Summary of the weekTOPIX: 2,537.60 (-6.0%) / NK225: 35,909.70 (-4.7%)n Top sectors: Marine Transport, Iron & Steel

A Question of Pace

With the cutting cycle set to start in September as expected, the pace of further cuts is now the debate. Markets are pricing more

Quicker labour market cooling could mean more aggressive Fed

A much quieter calendar lies ahead for the coming week, highlighted by ISM services and the Fed’s senior loan officer opinion survey (SLOOS).

US/Europe Monthly ETF Flow Tracker

Flows into US-listed ETFs accelerated sharply in July to +$89.2bn (vs. $41.9bnin June). Among the broad categories we track, Broad-Based Index Equity ETFs

ISM Services Rebounds; S&P Global Services PMI Revised Down But Remains Strong

BOTTOM LINE: The ISM services index increased by more than expected in July.The composition of the report was strong, as the business activity, new orders, and

Obvious trend damage but breadth improves

• Background macro factors like disposable personal income growth

Market Intelligence: US Morning Update

Stocks in Asia traded sharply lower Monday as concerns about a soft landing in theUS after weaker than expected US payrolls from Friday (see Aug 2 note “USA:

10y JGB auction preview: A highly volatile climate

POTENTIAL POSITIVES・ BOJ's 31 July announcement has reduced uncertainty about JGB purchase taperingThe BOJ's "detailed plan" for tapering back its JGB absorption was basically in line with the

Japan: Contextualizing the NKY’s second largest 1-day decline on record

KEY MESSAGES▪ The Nikkei 225’s second largest one-day decline on record (-12.4%) on Monday underscores the large portfolio liquidation pressure

apan: June Wages: Special Wages Boost Nominal Cash Wage Growth, Real Wages Turn Positive

BOTTOM LINE: Nominal cash wage growth accelerated sharply to +4.5% yoy inJune, from +2.0% in May. Special wages, including summer bonuses, boosted