海外研报

Summer revision courses: ECB rates

Like every summer, we are publishing a series of short papers on the ECB’s tools to help you revise during the summer so you can be

Where will $6tn in money markets flow as the Fed cuts?

Fed rate cuts will usher in a regime shift in short dated fixed income allocationsFor much of H124 we have recommended credit allocations to the front end of the 7

USA: Job Openings Above Expectations; Consumer Confidence In Line with Expectations

BOTTOM LINE: Job openings declined in June from an upwardly-revised level inMay, above consensus expectations for a larger decline. After incorporating today’s

July Flashlight for the FOMC Blackout Period Rate Cuts Coming Into View

Congress has given the Federal Reserve a dual mandate of "maximum employment" and "price stability." With inflation surging to a 40-year high in 2022, the FOMC largely

Rate Cuts Won't Ensure A Soft Landing

A comparison with the most recent 3 months of performance is not particularly relevant, given that this cycle'ssector performance landscape has been distorted by a lack of breadth caused by the meteoric rise in ahandful of iT and iT-adjacent in

Uneven Upside Surprise In Eurozone Q2 Growth

Eurozone GDP surprised to the upside in Q2, growing by 0.3% q/q annualized against expectations of 0.2%.Stronger-than-expected expansions in France (0.3% q/g vs 0.2%) and Spain (0.8% g/q vs 0.5%), as well assteady growth in ltaly (0.2% q/q),

US Job Openings Above Expectations, Hires Slow

US job openings grew by 8.18 milion in June, exceeding expectations of 8 milion, but below May's 8.23milion openings. The pro-cyclical manufacturing sector accounted for the largest drag, withdrawing 100thousand openings, or one-sixth of its May

Less sizzle, enough AI substance, reiterate Buy

AI delivers, legacy improves, offset by higher cost profileAMD delivered a good quarter with modestly better outlook, addressing recent concerns

CEO David Solomon meeting takeaways

Three catalysts to drive stock outperformanceOur meeting with Chairman and CEO David Solomon highlighted the significant

Expected H2 Azure acceleration suggests Q4 softness likely to be short lived

Ramping adoption of native AI services backs H2 accelMicrosoft delivered Q4 results below somewhat heightened expectations, largely due to