海外研报

GD--US ELECTION: MEXICO - BEYOND US ELECTION BLUES, USMCA CLOUDS LOOM

◼ No matter Trump or Harris, USMCA uncertainty + a post-AMLO hangover will weigh on Mexico’s sluggish GDP ahead of the mid-2026 USMCA review◼ Three overlapping hot-button issues – the border, China and trade – will dominate

GS--Oil Tracker: Prices Retreat, Risks Remain

Brent crude prices retreated almost $4/bbl from Monday’s highs to $77/bbl as Chinapolicymakers did not provide details on the size of stimulus, and as Israel continues

GS--GS EUROPEAN EXPRESS: New Idea: Buy Lonza | Encore: Buy SSE, ZELA (both on CL), DBKGn |

Lonza – back on track to deliver compounding returns; initiate at Buy – We initiatecoverage on Lonza Group AG with a Buy rating and a 12-month price target of CHF645. Despite performance YTD, we still see scope for further upside, with Lonza

GS Utilities Daily: SSE: Sizable visibility coming to the renewables rollout

In July, the Labour government was elected and has since brought into play moreambitious targets for UK renewables development. Over the next 12-18 months,

BofA_Liquid Insight The Taylor Rule – you just can’t shake it off_20241010

Key takeaways• With easing cycle in full swing - markets are focused on appropriate pace & quantum of cuts. Rule-based approach may help

GS--China Staples_ Pet food monthly_ Sep-24_ Moderating before Double 11

In this monthly pet food tracker, we monitor: 1) domestic demand for pet food; 2)ASP trajectory and competitive dynamics within product/channel mix shifts; and, 3)overseas demand and monthly cost tracker.

Citi--The Point for Asia Pacific Thursday, 10 October 2024

We cut our target price to ¥7,000 from ¥9,000 while maintaining our Buy rating. Our OP forecasts are now lower than previously, but ongoing strong inquiries for AI

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

BofA_US Watch An A+ jobs report_20241004

Strength across the board, only 25bp warranted in November

BofA_FX Viewpoint FX flows & positioning in Q3_20241009

Market overview: Hedge Fund USD selling vs. EM FXBofA investors ended Q3 slightly long USD, neutral rest of G10 FX, and marginally short