July 24, 2026 02:06 PM GMT G10 FX Strategy | Global Our Latest Views Morgan Stanley's top G10 FX strategy views including key fundamental catalysts and technical levels to watch. Key Takeaways USD View: Neutral | Skew: Bearish We think investors are overestimating FOMC hawkishness and pricing suggests asymmetric downside risks to the USD from the July meeting, but with July NFP and CPI two weeks away, the risk is the USD remains stable in the near term amid low- volume summer trading. EUR View: Neutral | Sk ...

Action | 24 Jul 2026 10:18:52 ET │ 14 pages Cleveland Cliffs (CLF.N) It's all about steel price duration CITI'S TAKE CLF traded up 15% following strong 2Q results & positive guidance for 2H (4Q > 3Q) and into 2027. For investors the key question is duration of current steel prices. FCF yield is potentially ~20-25% at spot $1.170/st HRC but zero at $1,000/st - see Fig 1 for illustrative numbers. $1,000/st is a more realistic mid-term price, in our view, but 1-2 years of current prices is possible which could ...

Flash | 24 Jul 2026 10:04:45 ET │ 11 pages | Catalyst Watch: Downside, expires 13-AUG-26 | | --- | | Price (23 Jul 26 16:00) US$1,798.70 | | Target price US$2,000.00 | | Expected share price return 11.2% | | Expected dividend yield 0.0% | | Expected total return 11.2% | | Market Cap US$91,189M | João Pedro SoaresAC +55-11-4009-7562 joao.soares@citi.com Felipe Husein +55-11-4009-7137 felipe.husein@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Mer ...

Flash | 24 Jul 2026 10:06:09 ET │ 10 pages ASEAN Consumer ASEAN Consumer marketing feedback: Clear preference for MY and TH names; ID and PH names still too risky CITI'S TAKE We compile feedback from our ASEAN consumer marketing across Singapore and Malaysia. In general, interest was higher on MY names as stable picks despite their relatively more expensive valuations and TH as a political recovery play. Most investors we met with felt economic uncertainty was still high in ID and PH. Overall, investors gen ...