海外研报

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

GS--MSCI EM Closed flat w/w, while China Rally Extended Further

Performance: MSCI EM was flat w/w (vs. MXWO down

GS--mplied commodity prices from equities

China’s government has announced a series of stimulus policies in the past two

GS--Refreshing our Commodity Terms of Trade Indices (Fishman/Kanter)

through next year, as oil prices face two-sided US policy risks and likely OPEC

GS--First Take: Revenue miss driven by Consulting, with better growth in Software & solid margins

Key stock takeaways: We expect the stock to pull back following results, given therevenue miss in