海外研报

MS-- Global Macro Commentary

ECB cuts by 25bp; sell-off in European duration; USTs marginally cheapen; BoJ's Tamura says BoJ policy rate should be at least

MS-- September 13

STIR pricing implies higher probability of a 50bp cut in September; USTs bull-steepen; demand for long-end JGBs; China

GS--Toast Inc. (TOST): Communacopia + Technology Conference — Key Takeaways

Presenters: Aman Narang, Co-Founder & CEO; Elena Gomez, CFOModerated by: Will Nance, Payments and Financial Technology, Goldman Sachs

GS--Cross-checking views on inventory levels across end markets

Inventory levels across the industrial value chain, and their impact on thecapital goods companies’ top lines, have been an ongoing topic of discussion

GS--Global Markets Daily: Historical Yield Curve Dis-Inversion Episodes and Cross-Asset Performance

In the past couple of weeks, the US 10s2s yield curve dis-inverted for the first ntime since July 2022 following a more dovish repricing of central bank cutting

GS--Global Tech: Smartphone updates: Tri-fold phones launched; rising

Tri-fold phones launched: Huawei mate XT was launched on 11 Sep with startingprice at Rmb19,999 (US$2,819). We see leading smartphone brands launching more

GS--September FOMC Preview: Shifting the Focus to Labor Market Risks (Mericle)

We interpret comments from Fed officials just ahead of the blackout period to nmean that the FOMC is more likely to cut by 25bp than 50bp at its September

USA_ Core Retail Sales in Line With Expectations in August

BOTTOM LINE: Core retail sales rose 0.3% in August, in line with consensusexpectations, and headline retail sales rose 0.1%, against expectations for a decline.

GD--THE (FAKE) CYCLE HAS ENDED – CRUNCH TIME!

Investors have made a habit of misreading the post-COVID (fake) business cycle. While the threat of a genuine downturn has increased, the bears could again be underestimating the