海外研报

BANK OF ENGLAND TAKES A SMALL LEAP OF FAITH

The MPC has delivered a 25bp reduction that takes Bank Rate to 5% in what is essentially an “insurance” cut.As mentioned in the minutes, “it is now appropriate to reduce slightly the degree of policy restrictiveness" while

EURO CRISIS 2.0 – THE “CRISIS” AT THE CORE

There is talk of a new euro crisis, this time centred on core EMU countries like Germany and France. This fear is unwarranted. While low interest rates stimulated the EMU core during the

July employment preview: Upside and downside risks aplenty

We estimate that nonfarm payroll employment increased 175k in July, slower than the206k increase in June. We think that private nonfarm payrolls will register a 150k gain, above

A hike, a hold and a cut

Central banks are in sharp focus this week. The Fed (Wed) has little upside to do anythingmore than hint that a September cut is on track. For the BoJ (Wed), we maintain our out-ofconsensus call for a 25bp

Which Is More Impressive, The 3Q Revenue Clip Or Zuck’s New 'Drip'?

META continues to execute at arguably the best pace of anycompany in digital advertising, with little revenue deceleration

Catalysis analysis

Catalysts abound in the week ahead, between key economicdata, Fed/BoE/BoJ decisions, and the all-important (Tech)

BoE Votes 5-4 to Cut Policy Rate; Non-Committal Tone on Path Ahead

BOTTOM LINE: The MPC voted by a majority of 5-4 to lower Bank Rate by 25bp to5.00%, with Bailey, Breeden, and Lombardelli joining Ramsden and Dhingra in voting