海外研报

The VIEW Asia's Bond Markets

This month's Overview is a primer on Panda bonds, RMB-denominated bonds issued byoffshore entities in China's domestic market. Gross issuance rose 82% in 2023 to a recordRMB154bn, and 2024 is on course to be another big year, We explore

Demand upcycle creates valuation upside; Raise TPs for GDS/VNET; Buy GDS

More specifically, we see China wholesale IDCs are entering an upward demandcycle driven by Gen-AI and GPU-related capex among cloud hyperscalers (e.g. we

GS--Asian equities fell by 2%, dragged down by North Asian markets

MXAPJ -2%, dragged by Korea (-6%), Taiwan & China (-3%),while Thailand posted a 6% gain. Financials and software

The Long-term StrategistAre annuities a good retirement investment?

We diseussed last month how the move from defined-benefit to defined-contribution pension saving shifted market and longevity risk to workers,who have become quite coneerned they may outlive their savings.But not all is lost as workers can buy lifetime

EM FX portfolio update: exiting COP and PHP underweights

We have exited our COP positions and PHP underweight positions (at USD/COP reference spot of 4047.55 and USD/PHP 57.29 respectively),

Europe Non Research Other

From a curo perspeclive not much to say really, in all the vol elsewhere ifs hardly moved so dontto dedicate too much timeto it Al l wil say is that the EcB is silikely lo be chipping away on

Americas 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

MSFT Partner Survey; SMiD Internet; APPF, CFLT, QCOM, TENB, VRNS, XRX

The current market rotation appears to be in its final stages. Today, the market saw outperformance in Growth(.PGPURE) and Quality (.JPOPURE) sectors, indicating that the rotation is nearing its end. This rotation is primarilydriven by crowding

Cross-Asset Weekly

The financial market turbulences this week have highlighted that (1) macro risks are shifting from inflation to growth, (2) carry trades are vulnerable to sharp reversals in late cycle ear.

Yen Carry And AI Bubble: One And The Same Trade

The analysis of price complexity strongly suggests that the ‘yen carry trade’ and the AI bubble are one and the same trade, premised on three conditions: