海外研报

FX Viewpoint USD: Cool data, hot politics

Key takeaways• Cooling US data and Fed-speak has brought forward cut pricing and weighed on the USD. We expect more depreciation in H2.

FX Watch Where to fade the JPY rally

Cross-JPY pairs have been in secular uptrends since the start of the current rate cycle in 2021, and drawdowns to 100d SMA have been common. On average, major G10/JPY

Strong FCF generation to drive c.13% SH returns in 2024E, with 10% DPS increase; Buy

BP reported broadly in-line 2Q24 results this morning (July 30), withRC operating profit at US$5,414 mn, 2% below company-compiled

Weekly Warm-up: Our Take on the Recent Price Action

Key Developments to Watch As Earnings Season Progresses...Earnings revisions breadth for the overall market has started to trend lower as we

Rate Cuts Won't Ensure A Soft Landing

A comparison with the most recent 3 months of performance is not particularly relevant, given that this cycle'ssector performance landscape has been distorted by a lack of breadth caused by the meteoric rise in ahandful of iT and iT-adjacent in

US Job Openings Above Expectations, Hires Slow

US job openings grew by 8.18 milion in June, exceeding expectations of 8 milion, but below May's 8.23milion openings. The pro-cyclical manufacturing sector accounted for the largest drag, withdrawing 100thousand openings, or one-sixth of its May