海外研报

GS EUROPEAN EXPRESS: Encore: Buy ISS, EON, Neste (all on CL); Sell Elekta

SS – upsized buyback supportive of our thesis – ISS 1H results were characterisedby headline numbers that were largely in-line with expectations, FY24 organic

RWE: Uncertain Capital allocation a continued overhang // E.ON

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this

The Maestros in Jackson Hole

Jackson Hole: “Effectiveness & Transmission of Monetary Policy.” Sep cut signal, size TBD. Rates: buy dip even if marginally hawkish. FX: limited impact.EUR.

US Economics Weekly in the datavei

CITI'S TAKEStronger-than-expected retail sales and the drop in initial jobless claimsraised market optimism that a "soft landing" might still be achieved, but thecontinued contraction in manufacturing, falling

TOPIX rises 7.9% wow, continuing its recovery from the recent steep fall

Summary of the weekTOPIX: 2,678.60 (7.9%) / NK225: 38,062.67 (8.7%)

Global Macro Commentary | North America August 16 Morgan Stanley & Co.

Strong US data caps UST rally; solid UK retail sales sends gilts higher; RBNZ's Silk says contraction may be needed to lower

The Consumer in Context

Our view has been that consumer spending would slow but not slump; so far that path has played out. Employment, wealth, and

US Daily: Renewed Progress on Recession Risk (Hatzius)

After the July jobs report released on August 2 triggered the “Sahm rule,” weraised our 12-month US recession probability from 15% to 25%. Now, we have

The yen carry trade-what if Japaninstitutions decide to unwind?

Public pension funds. lhe GPlF is the big one here, with other smallerfunds believed to generally follow its lead. There's a growing view that theGPIFcould cutforeign bond exposure when it announces its next policy mixin 2025.

What Companies Are Saying: StillWaiting And Seeing

Companies broadly report steady growth butnota lotofupward momentum as theyand their customers are still in a pervasive wait and see loop given lingeringuncertainties around inflation, interest rates, domestic politics, elections,