海外研报

Global Economics Wrap-Up: July 19, 2024

The case for Fed rate cuts strengthens as elections loom: o US economic data softened further in June: § Trimmed-mean PCE inflation has returned to 2% on a 3-month

Global Rates Notes: Sufficient Liquidity, Constrained Capacity

Treasury repo rates remain broadly anchored, but more sustained pressure sincequarter-end suggests a shift in dynamics.

Global Rates Trader Policy Path Dependent

While US election risk is an inescapable focus in rates market discussions, the lastmonth has revealed the difficulty building clear momentum in trading the eventual

INTERNATIONAL MARKET INTELLIGENCE:MORNING BRIEFING

OVERNIGHT BRIEFUS/EU trade: European Equities closed lower (SXXP -0.5%, $X5E -1.2%, V2X +0.7pts) with AEX(-1.8%) and UKX (0.3%) the best and worst regions. Tech (-4.5%, -3.6z) fell mostly because ofSemis

Q2’24 Earnings Review: Solid Earnings Result Driven By Subscriber Momentum

Netflix reported a solid Q2 ’24 earnings report driven bybetter-than-expected subscriber growth (driven by strong contentslate & scaling of ad supported tier) with a more mixed picture on

Portfolio Hedging Toolkit (Jul-2024) Buy Semis ETF (SMH) puts

Semis stocks have rallied significantly since the start of 2023 (SMH +154%),mainly driven by AI-related optimism. Our semis analyst Toshiya Hari believes

The Impact of Trade Policy Uncertainty on UK Equity

The US presidential election is re-shaping the Europeanequity market. While markets have just started to fade

US Weekly Kickstart

Small-caps just posted the most powerful weekly return vs. large-caps on record. Against a backdrop of extreme equity market concentration, four

USD long-term fair value falters in Q124

The USD saw its long-term fair value fall somewhat across the board in Q124. The drop came on the back of the continuing loss of its real rate &

What’s Top of Mind in Macro Research: Trump’s rising presidential odds, Fed cuts may soon begin,

US election: Trump’s rising oddsThe likelihood of a Trump presidency has risen further in betting markets sinceSaturday’s shocking assassination attempt, and we maintain that such an election