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