海外研报

Global FX Weekly The weak USD policy

G10. Fed still main USD driver. US election USD impact far from straightforward. Focus on FX tactical opportunities for now.

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

Global Fixed Income Views

A 70% probability of Sub Trend Growth, and a soft landing, remain our base case. While smaller businesses and lower income households struggle with

Tesla delays Robotaxi unveil to October, reportedly to develop more prototypes

Prior unveil was set for August 8th, which we believe was likelyan arbitrary date. While delay possibly signals progress on a

JPY – thoughts on suspected MoF intervention

The Japanese government may have intervened in the FX market to shore up JPY again after the release of the US June CPI print on Jul 11 and possibly again in the Tokyo

Rising Demand for Government Bond Funds

Net flows into global equity funds were moderately positive in the week endingJuly 10, though the underlying regional composition was more mixed (+$10bn vs

Summer Break

n GBP: Stay long vs USD. The tactical backdrop looks increasingly friendly for riskand negative for the Dollar with further signs of a benign slowdown in US

Narrow breadth could persist

Narrow market breadth continuing to impact portfoliosGlobally, a few large stocks are driving equity market returns, which makes it difficult for

Big sales of Financials stocks as earnings season kicks off

Single stock-driven outflows: Last week, during which the S&P 500 was +0.9%, BofA Securities clients were net sellers of US equities (-$3.3B) after the previous