海外研报

Further S&P 500 downside could trigger accelerated unwinds from CTAs

CTAs could be unwinding S&P 500 and NASDAQ-100 longsOur CTA model showed trend follower longs in the NASDAQ-100 and S&P 500 at

Key levels to watch: 4% rates & 50 on PMI

Economics: A goldilocks economyLast week, retail sales and industrial production surprised to the upside, dispelling fears

US Equity Strategy Productivity: A Key Component to Earnings Resiliency

CITI'S TAKEThere are many forces at work in the US equity markets as we head into thebulk of the Q2 earnings season. Discerning macro from micro influenceswould seem to be a defining discussion point for the summer. All told, ourusual “sanity check"

US Semiconductors

CITI'S TAKEWe spent the last week meeting investors in New York/Connecticut. Interms ofinvestor sentiment -while NVDA remains the stock with the mostpositive sentiment, we believe AVGO is catchingup to NVDA. Investors werealso positive on NXPl and

FX Positioning Update

At present, the G10 FX PIX 2.0 signals that the GBP, JPY and AUD areoverbought. We have temporarily suspended the model’s trading

Global equities lost 2.1%; Momentum sold-off

Implications of trade policy for global marketsPrediction markets are now assigning a high probability

GS Economic Indicators Update: Japan Sequential Trimmed Core Inflation Accelerates to 2.1% in June

Please find an update of our proprietary global economic indicators below. The databehind these exhibits can be downloaded here. Interactive charts can be found onour living page here.

US small cap rotation triggered by macro, boosted by positioning

Russell 2000 has recently recorded the largest two-weekrally against Nasdaq 100 since 2002 (Exhibit 1). The rotation

June JSDA Trading Volume of Over-the-Counter Bonds

CLEAR SIGNS OF BEARISHNESS ON SUPER-LONG JGBSJSDA Trading Volume of Over-the-Counter Bonds data for June were indicative of most

Today's Morning Meeting

quity Strategy(Mislav Matejka,CFA)Q2 Preview: Consensus call for the EPS narrowing between the Mag-7 and rest might still be lackingQ2 reporting season is heating up. Activity was broadly better for the quarter, sequentially, pointing to