海外研报

US/Europe Monthly ETF Flow Tracker

Flows into US-listed ETFs accelerated sharply in July to +$89.2bn (vs. $41.9bnin June). Among the broad categories we track, Broad-Based Index Equity ETFs

ISM Services Rebounds; S&P Global Services PMI Revised Down But Remains Strong

BOTTOM LINE: The ISM services index increased by more than expected in July.The composition of the report was strong, as the business activity, new orders, and

Obvious trend damage but breadth improves

• Background macro factors like disposable personal income growth

Market Intelligence: US Morning Update

Stocks in Asia traded sharply lower Monday as concerns about a soft landing in theUS after weaker than expected US payrolls from Friday (see Aug 2 note “USA:

10y JGB auction preview: A highly volatile climate

POTENTIAL POSITIVES・ BOJ's 31 July announcement has reduced uncertainty about JGB purchase taperingThe BOJ's "detailed plan" for tapering back its JGB absorption was basically in line with the

Japan: Contextualizing the NKY’s second largest 1-day decline on record

KEY MESSAGES▪ The Nikkei 225’s second largest one-day decline on record (-12.4%) on Monday underscores the large portfolio liquidation pressure

apan: June Wages: Special Wages Boost Nominal Cash Wage Growth, Real Wages Turn Positive

BOTTOM LINE: Nominal cash wage growth accelerated sharply to +4.5% yoy inJune, from +2.0% in May. Special wages, including summer bonuses, boosted

FADE THE RECESSION NARRATIVE

The market has been hypersensitive to negative economic surprises because of the extent to which GDP growth and earnings expectations have been ratcheted up over the course of this

European Morning Research Summary

This summary is compiled from research reports previously published by Barclays Equity Research. A full list of all publications is available on

June deficit contracts in line with moves from advance goods report

The overall trade deficit narrowed $1.9bn in June, to $73.1bn, reflecting export growththat outpaced import growth. The deficit narrowed less than we expected (Barclays -$72.1bn,