海外研报

Mexico: Firm Industrial Production in June Driven by Construction and Utilities; Weak Manufacturing

Bottom Line: Industrial production expanded 0.4% mom sa in June, slightly aboveconsensus for a milder expansion. The IP increase in June was solely driven by

THE EUROZONE ECONOMIC MONITOR

Swiss industry likely had another tough quarter in Q2 and services turnover data to May disappoint.

THE UK ECONOMIC MONITOR

July PAYE employment should gain 30K month-tomonth, while the June jobless rate rises to 4.5%.

Russia: Inflation rises to 9.1% due to utility increases as expected

Bottom Line: Rosstat published its estimate for July inflation and in line withconsensus and our estimates it was reported at 9.1% yoy. While this was a sharp

Four key takeaways from the latest sell-off

The short-term rates market is still fully pricing in a recession (and risks position unwinds if data doesn’t comply).

Brazil: Consumers help lift 2024 growth estimate, but 2025 outlook has weakened

Recent industrial production and retail sales data point to strong consumptionfueled growth in 2Q24, with a carryover effect leading us to upgrade our 3Q24

Some relief, however the risks still remain

The market began the week with a broad-based risk-off sentiment on Monday, and the continued carry trade unwinding pushed the USD/JPY and USD/CNY

Economics Focus:Summer revision course

This summer, we propose a series of short papers on some key macro topics to help you revise your fundamentals so you can be perfectly

TAIEX -1% despite a 3% rebound in TSMC, amid declines across non-defensive

Performance: MSCI/All Taiwan +0.6%/-0.9% this week,outperforming MXAPJ by +1.5% (in US$), with gains in

US Economic Perspectives CPI preview comment

We continue to expect a 25 bp rate cut in September and not 50 bp. We view the current debate amongst the FOMC as whether they want to move from long signaling a