海外研报

Weekly Economic & Financial Commentary

United States: A String of Upside Surprises, but Growth is Slowing in the U.S.• Retail sales, housing starts and industrial production all surprised to the upside this week. Yet, an

Asia-Pacific Portfolio Strategy: Asian equity market daily update

The MXAPJ Index dropped 0.6% today. China and Hong Kong marketsoutperformed, while Taiwan and Korea markets underperformed. Within MXAPJ

Global Macro Watch Known Unknowns 21 – 26 July

Full focus on US 2Q GDP and PCEWe expect the advance estimate of 2Q GDP to come in at 2.3% qoq saar on the back of

China: Fiscal weakness lingered in June; expecting government bond issuance to pick up in Q3

Bottom line:China’s on-budget fiscal revenue growth remained subdued in June, weighed onagain by falling tax revenue growth (especially VAT and corporate income tax),

Europe Morning Call: Jul 22, 2024

Click “here” for the GS EUROPEAN EXPRESS: Morning Update and a writtensummary of the Europe Morning Call.

Equity Strategy

Q2 reporting season is heating up, Activity was broadly better for the quarter,sequentially, pointing to an improvement in earnings delivery - top chart. This,though, is to a good extent reflected in consensus estimates, where Q2 EPSprojections

US Equities: Selling Triggers

Selling triggers: We highlighted the risk that a downtrend could accelerate selling flows in our earnings hedging piece. That is exactly

Emerging Insight Central Asia – FX “anomalies” untangled

Key takeaways• KZT to remain range-bound and managed through net NOF FX sales. NOF support has room to increase in 2H24 after new FX flow

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