海外研报

July 2024 Performance Review

July was a month of two halves, with the first half seeing the S&P 500 hit asuccession ofrecord highs, Bonds also rallied as speculation mounted that the Fedwould cut rates in September, particularly after the USCPl report came out. Butriskassets

Hong Kong: Retail sales rose in June

On a month-over-month basis (seasonally adjusted), Hong Kong retail salesincreased in June (+1.7% in value terms, +1.4% in volume terms). Sales value rose

Japan: government expects BoJ to create steep curve, not rate hikes

The government has clearly indicated that it intends to “shift corporations from excess savings to excess investment, and completely

Powell has a labor market bee inhis bonnet

While the Fed left rates on hold today,both the FOMC statementand Powell's pressconference strongly hinted that the first cut is likely coming at the next meeting inSeptember, The statement shifted the Fed's worries from tilted toward

Earnings Bars (AAPL, AMZN, DASH, INTC, MCHP, NET, SNAP), ARM, LRCX, META, QCOM

Sentiment: Still one of our more crowded shorts, but it’s seen substantial covering by equity L/S funds. In the wake of TXN (where embedded was weaker) and STM (MCU weaker) results – the latter of which feels more idiosyncratic

ROIC on Capex Showing Through in Engagement, Revenue and Longer-Term Call

META remains the best case study of how GPU-enabled analyses of leading first party data sets can drive material

Precious Metals Trading Desk View

This publication was prepared by Bank J Safra Sarasin (BJSS) Trading department. The views or ideas expressed herein are those of the desk and/or the author only. The publication cannot be considered as investment research or a

Research Unplugged: US Conviction List - Directors’ Cut: August Spotlight

In this podcast, we listen in as Kate McShane, Bonnie Herzog, George Tong, andNoah Poponak join Chris Hussey and Sarah Herr to discuss four of the ideas – Dollar

September cut on the table helps drive down yields

The FOMC left the door ajar for a possible September rate cut, while avoiding any firm commitments. The tone of the statement as well as Chair Jerome Powell’s

On Our Minds - Taiwan Still thriving in the AI boom

Taiwan’s economy has remained resilient thanks to the AI boom. 2Q GDP growth was stagnant – but this followed strong expansion in recent quarters. The AI boom has