海外研报

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

Small/Mid Cap Strategy 5 FAQs we’re fielding on small caps

1) Are small caps still cheap after the rally?On an absolute basis, no – as of yesterday’s close, the Russell 2000 at 15.5x trades slightly above its historical average P/E of 15.2x. But small caps remain cheap vs. large

Shifting neutral into the summer but we remain mildly pro-risk for 12m

Global growth slowed in Q2 but risky assets performed well, helped byexpectations for central bank easing and mega cap tech optimism. Our macro

First Take: AT&T...

Overall a good print. Folks might nitpick the lack of a guidance raise, and longer-term there remain concerns aboutiPhone refresh cycle (and impact on FCF and EBITDA); but both were nicely ahead for now.

FX7 Charts What does Fed easing mean for the dollar?

The dollar’s reaction to Fed easing cycles has varied enormously in the past 40 years. In 1985, the dollar fell a long way, but not until four months after the first rate cut. In 1989, it started falling

Americas Small Cap Research Summary

This summary is compiled from research reports previously published by Barclays Equity Research. A full list of all publications is available on

Weekly Warm-up: Does The Cycle Matter More Than The Election Outcome?

Does the Cycle Matter More Than The Election Outcome? Like in 2016-2017, we are more focused on the cadence of the business cycle than on the

Still See a Soft Landing

We believe that fears of a hard landing remain overdone. Two weeks ago, Ellen wrote that we continue to see data consistent with a soft landing. This week’s data brought more evidence

July FOMC: one last hold?

The Fed is poised to stand on the sidelines for one more meeting at the July FOMC, as we expect the target range for the Federal funds rate to remain unchanged at 5.25-5.50%. This would mark a full year, or eight