海外研报

SMCI: GM Headwinds Overshadow Better Revenue Guide

With June-Q GM miss and declining 430bps Q/Q, as well as guiding Sep-Q GM still at a low levelof 12%+, it raises the question of how fast GM ticks up, despite mgmt. guiding for 14% GM exit

Abrupt Cut To Underweight

Aggregateequitypositioningplungedthis week, falling from a mid-Julypeakat the top ofthe historical range (z score 1.00, 97th percentile) to belowaverage orunderweight (z score -0,26, 31st percentile). This marked one ofthe steepest declines in recent

Global Markets Daily: Credit Fund Flows: A Look Back and Forward (Shumway)

Three themes emerged from the trajectory of fixed income fund flows throughthe Fed’s recent hiking cycle. The first is a preference for quality, driven by

We need it like a Jackson Hole in the headGlobal Daily

Unlike the key BLS revisions to April 2023-March 2024 payrolls estimates, at -818K the largest drop since the Global Financial Crisis, today’s Global Daily was released at the same time to all -

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

German Headline Inflation Notably Below Consensus

BOTTOM LINE: German headline HICP inflation was 2.0%yoy in August, notablybelow our forecast, tracking estimate and consensus expectations of 2.2%yoy, and

Intraday FX View FX & Precious Metals Trading | 2 September 2024

After Jerome Powell’s statement that “the direction of travel is clear” at Jackson Hole and EUR USD breaching our target of 1.12 it has been only up for the US$ since then. The combination of solid US economic data prints, political jitters in

EF--Mixed jobs report offers no definitive signal for the Fed

The August employment report was a decidedly mixed one, improving compared to July but by less than anticipated for some metrics. On

GS--AEJ Week Ahead: China August activity data; CBC and BI meetings

growth to decline to 4.3% yoy in August from 5.1% yoy in July, in line withsofter NBS manufacturing PMI and wider year-on-year contraction in steel