海外研报

UBS--Chartset Global Listed Investment strategy

2020 was characterized by extreme volatility giveneconomic lockdowns imposed by

GS--with large caps outperforming further

Performance: MSCI/All Taiwan +3.1%/+2.2% this week,

GS--The data, the budget and the UK market

Activity remains solid: The Labour Force Survey (LFS)

USD: Trumpspeak vs Fedspeak

Strong US retail sales and firm China economic data as well as strong earnings

UBS--Weekly - Regional View Swiss_en_1625867

The current geopolitical uncertainty contrasts sharply with a generally

GS--Policy Address brings more supportive measures

Retail sales remained quite soft at -10% yoy in Aug (vs. -10%/-12% yoy in

MS--Addressing Your Top Questions on China Stimulus

The policy pivot is significant, but we haven't reached the

MS - China's Fiscal Package Part 1

0.5ppt of GDP fiscal stimulus this year• 30bp policy rate cut; 50bp RRR cut (with forward