海外研报

U.S. Desk Strategy CB Views: Jackson Hole Recap

With the clock ticking, the time has come for Fed cuts Powell said “The time has come for policy to adjust” (towards lower rates)…

Abrupt Cut To Underweight

Aggregateequitypositioningplungedthis week, falling from a mid-Julypeakat the top ofthe historical range (z score 1.00, 97th percentile) to belowaverage orunderweight (z score -0,26, 31st percentile). This marked one ofthe steepest declines in recent

Strategy Trade

RationaleOur short GBP/JPY has traded above our dynamic trailing stop at 185.80. As such, we take profit on the original trade (opened at 199.50 on 24 July) with a gain of 6.9%. We still

USD: a ‘flatter’ smile is still a smile

Asia overnightInvestor sentiment continues to improve as equity markets recover from their recent drubbing. BoJ Deputy Governor, Shinichi Uchida, helped reassure markets

Still Like Macau Gaming, Though More BB Than B

The shifting macro dialogue once again was the main driverof global markets. Recent concerns on US growth were

GS--AI – Strategist Deep Dive

With technology being the driving force of equity returns since the end of the GFC,investors have more recently questioned concentration risk and whether AI is a

SocGen - On Our Minds - ECB staff still on holidays. Bigger downward revisions likely ahead

Given the recent market volatility and re-pricing of rate cuts since the July meeting, today’s ECB press conference was surprisingly uneventful. A second cut was delivered as

Interest Rates Daily--Wins & losses

Long-building steepening momentum came to a halt last Friday as a higher-thananticipated NFP number impacted EUR markets too. Lower odds of hard landing

COMMERZBANK--CPI relief?

Fed: FOMC minutes show that "almost all" officials agreed that upside risks toinflation had diminished and a "substantial majority" supported the 50bp cut, while