Cheatsheet CitiFX Wire Market Commentary - FXLM - Intended for Institutional clients only Cheatsheet - G10 & EM Week Ahead: Half and half By CitiFX Wire US core CPI should, in part, comfort Fed officials but, in other, keep them squarely focused on labor and economic trends. US retail sales and consumer earnings will be key, as will initial and continuing jobless claims this week. Fedspeak, sprinkled throughout the week, should also be monitored Elsewhere in G10, the RBNZ (Wed) could skew dovish, as might N ...

V i e w p o i n t | Prepared for Philip Hu China Economics CITI'S TAKE 11 Aug 2024 21:33:53 ET │ 13 pages Top Questions on Monetary Policy – Takeaways from PBoC's MPR 24Q2 Xiangrong Yu AC +852-2501-2754 xiangrong.yu@citi.com Xinyu Ji AC +852-2501-2792 xinyu.ji@citi.com The PBoC released its Monetary Policy Report (MPR) for 24Q2 last Friday (PBoC, Aug 9). The pro-growth tone was reconfirmed with focus shifting towards countercyclical monetary policies. Yet in our view, the central bank is still walking a tig ...

V i e w p o i n t | Prepared for Philip Hu PH Q2 GDP & BSP Cut in August; CN Deflationary Concerns 11 Aug 2024 23:13:19 ET │ 14 pages CITI'S TAKE EM Asia Economics & Strategy Philippines: Q2 GDP was fairly healthy but not strong enough to delay policy rate cut in August; China: A Seasonal Beat Does Not Ease Deflationary Concerns; Upcoming Events: IN Jul CPI (Citi: 3.8%YY, Mkt: 3.60%, Prior: 5.08%) & IP, GE Current account balance Johanna Chua AC +852-2501-2357 johanna.chua@citi.com Philip Yin Samiran Chakra ...

V i e w p o i n t | Prepared for Philip Hu CNB minutes, Turkish inflation forecast CITI'S TAKE 09 Aug 2024 06:25:02 ET │ 20 pages It has been an incredible week in global macro. After the recent trigger of Sahm's rule and the unexpected BoJ hike, we believe that this higher volatility may not normalise as fast as some expect, suggesting a potential re-calibration higher in EM risk premium. We are entering a mini regime of rising investing uncertainty, whereby the start of Fed easing almost overlaps with US ...

Citi Research 9 August 2024 PULSE Monitor Earnings & Sentiment in Focus Scott T ChronertAC Managing Director scott.t.chronert@citi.com +1 415-951-1771 Drew Pettit Director drew.pettit@citi.com +1 415-951-1621 | --- | |-------------------------| | Patrick Galvin, CFA | | Vice President | | patrick.galvin@citi.com | | +1 212-816-5373 | See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which ...

Prepared for Philip Hu 09 Aug 2024 13:25:01 ET │ 18 pages Japan Equity Strategy Investment strategy with Japan equities returning to an upward trajectory CITI'S TAKE We expect Japan equities to embark on a real recovery in the second half of September after the current period of instability. The themes we highlight for investment strategy in this scenario are 1) recently devalued high-quality names with strong earnings, 2) the decoupling of Japan-US long rates, and 3) elevated visibility on a recovery in do ...

Roundup | Prepared for Philip Hu The SMID Point Friday, 09 August 2024 Company | Industry Company Nevro Corp (NVRO.N) - Upgrading to Neutral: Enthusiasm at a Trough, Guidance Seems Reasonable but Uncertainty Is High With the 2Q24 print (link), we are upgrading NVRO to Neutral from Sell. While the quarter itself was fairly benign, the full-year revenue guidance cut to $400- $405M from $435-$445M was unexpected, sending shares down 44% post print. With shares now down 73% YTD and trading at <0.5x NTM revenue, ...

行业投资评级 报告给出了全球制造业和服务业PMI指数的最新情况[7][8][9][10]。总体来看,全球PMI指数有所下降,但仍处于扩张区间,尚未出现大幅放缓的迹象[11]。制造业方面,发达经济体的PMI指数普遍低于50,处于收缩区间,而新兴市场国家的制造业PMI仍维持在扩张区间[12]。服务业方面,大多数主要经济体的PMI指数有所下降,但仍高于50,保持在扩张区间[13]。 报告的核心观点 1. 全球通胀有所改善,为各国央行提供了降息空间,全球正处于一轮降息周期[20][21][22] 2. 美国经济可能已经进入衰退,失业率上升已经接近触发"萨姆规则",美联储将大幅降息[23][24][26][27] 3. 中东地缘政治局势持续紧张,可能会引发区域性冲突升级[28][29][30][31][32][33] 4. 日本央行可能会推迟加息,但不会太久[35][38][39] 5. 美国国债收益率大涨后可能会有一定回调,但长期利率水平不会大幅下降[43][46][47] 6. 日元走强可能只是开始,未来还有进一步大幅升值的空间[49][51][53][54][55] 7. 欧洲央行和英国央行可能会比预期更早开始降息,但降息幅度可能不会太大[56][57][58][59][60] 8. 油价可能会从最近的下跌中反弹,地缘政治和天气因素可能会支撑油价[61][63][64][65] 9. 特朗普连任或拜登胜选都可能对企业税率产生不同影响[66][67][68][69] 10. 全球股市面临一轮调整,但调整幅度可能不会太大[70][71][72][73][74][77][78] 行业目录总结 1. 全球经济:PMI指数有所下降,但仍处于扩张区间[7][8][9][10][11][12][13] 2. 全球央行:正处于一轮降息周期[20][21][22] 3. 美国经济:可能已经进入衰退[23][24][26][27] 4. 欧洲经济:中东地缘政治局势持续紧张[28][29][30][31][32][33] 5. 日本经济和利率:日本央行可能会推迟加息[35][38][39] 6. 美国利率:收益率大涨后可能会有一定回调[43][46][47] 7. 外汇:日元可能会进一步大幅升值[49][51][53][54][55] 8. 欧洲利率:欧洲央行和英国央行可能会比预期更早开始降息[56][57][58][59][60] 9. 大宗商品:油价可能会从最近的下跌中反弹[61][63][64][65] 10. 美国股市:特朗普连任或拜登胜选都可能对企业税率产生不同影响[66][67][68][69] 11. 欧洲/全球股市:全球股市面临一轮调整[70][71][72][73][74][77][78] 12. 全球宏观策略:全球经济面临"硬着陆"风险[75][76][77][78][79][80][81][82][83][84]

V i e w p o i n t | Prepared for Philip Hu 09 Aug 2024 18:41:43 ET │ 12 pages Chile Equity Strategy Funds Flows Insights - July CITI'S TAKE It was a positive month for local stocks in terms of flows coming from Chilean Institutional Investors. Pension Funds and Mutual Funds were net buyers of local equity for US$65.3mn and US$34.4mn, respectively, during July. Sectors such as: i) Real Estate, ii) Consumer Discretionary, and iii) Materials were the most preferred by the Pension Fund system, with names like B ...

Point | The Global Point Asia DBS Group (DBSM.SI) - 2Q24 beat on NII/fees, DPS S$0.54 flat; higher 2024 guidance offers some relief before focusing on 2025 guidance DBS reported PBT S$3,219m, in-line with Citi (S$3,206) but 6% ahead of consensus (S$3,047) driven by higher NII +3%qoq and fees income stable qoq. 2Q24 quarterly DPS S$0.54 as we had expected. Key positive extended from OCBC results was better asset quality sequentially; NPL ratio stable on lower absolute NPA. Outlook: Mgmt. cautiously optimisti ...