海外研报

Consolidation without expenditure compromise

Faced with a trade-off between fiscal consolidation and expectations demand

Obvious trend damage but breadth improves

• Background macro factors like disposable personal income growth

AS IF NOTHING EVER HAPPENED?

MULTI ASSET Vol spikes like the one earlier this month are not uncommon. Historically, markets tend

Investment Banking Monitor: Some improvement in M&A and DCM, but weaker ECM

Announced August investment banking activity levelsrose 9% YoY and were only 2% below average August