Meanwhile, one of the best financial stocks in the S&P 500 so far this year has been Morgan Stanley. Those shares are up more than 20% this year, hitting a new record intraday high in trading today. Our Leslie Picker is at Morgan Stanley's Global Healthc Care Conference in New York City with an exclusive interview with chairman and CEO Ted Pick.Leslie, hey Dom, thank you and thank you Ted for being here and doing this with us. Um, so my name's Pick and Picker. Fantastic to have you united.Um, so here we are ...

September 8, 2025 06:18 PM GMT Cross-Asset Spotlight | Global M Update Signals, Flows & Key Data A weekly summary of key cross-asset monitors, data, moves, and models tracking sentiment, fund flows, and positioning. Key highlights from last week: | | | | | As of Sep | | Q2 2026 Forecast | | | Q2 2026 Return Forecast | | Volatility | Base Case | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 05, 2025 | Bear | Base | Bull | Bear | Base | Bull | | Return/Risk | | Equities | | | | | | Total R ...

持续飙涨的黄金迎来多重利好催化。 据高盛的最新调查报告，看多黄金价格走势的投资者与看空者的比例接近8比1。这是黄金首次在高盛调 查中成为最受欢迎的多头交易。 此外，中国央行再度出手增持黄金。9月7日，中国人民银行公布的数据显示，截至8月末，我国黄金储 备为7402万盎司（约2098吨），较7月末的7396万盎司增加6万盎司（约1.7吨），为连续第10个月增持 黄金。 美联储降息预期也持续升温。据CME美联储观察工具，目前市场预期美联储9月降息的概率为100%， 2025年全年或将降息75个基点（一周前为预期全年共降50个基点）。 受此影响，现货黄金价格持续走强，美东时间9月5日一度突破3600美元/盎司，创出历史新高。 高盛曾分析称，如果美联储公信力受损，投资者仅需将极小部分美债持仓转向黄金，金价就可能飙升至 每盎司近5000美元的惊人水平。 中国央行出手 9月7日，国家外汇管理局统计数据显示，截至2025年8月末，中国8月外汇储备为33221.54亿美元，较7 月末上升299亿美元，升幅为0.91%。 值得注意的是，中国央行连续第10个月增持黄金。当天更新的官方储备资产数据显示，截至8月末，黄 金储备为74 ...

September 3, 2025 07:56 PM GMT M O R G A N S T A N L E Y R E S E A R C H North America Sept 3, 2025 US Economics Outlook: Slow Growth, Firm Inflation, and Risk Management Rate Cuts September 2025 Michael Gapen Chief US Economist Michael.Gapen@morganstanley.com +1 212 761-0571 Sam Coffin Economist Sam.Coffin@morganstanley.com +1 212 761-4630 Arunima Sinha Global Economist Arunima.Sinha@morganstanley.com +1 212 761-4125 Heather Berger Economist Heather.Berger@morganstanley.com +1 212 761-2296 All information ...

高盛、摩根士丹利，这两家国际顶尖金融机构，最近都对房产形式做了判断以及未来走势做出了预测，我们这篇文章就讲两家的观点和看法一起综合起来 看，也许能看出一些有意思的东西。 （这里声明下：有的人不要一看到人家国外机构出的研报就是什么犹太资本什么唱衰之类的，说个实话，没必要一上来就这样，人家成为顶级机构，研究 实力肯定也是顶级的，虽然说有的时候也会错，但是逻辑方面一般来说都是闭合的，咱就看人家的逻辑对不对，和我们的体感是否匹配，大体就能作为一 个参考意见来看待了！） 一、机构共识：寒冬未尽，但冰层开始松动 1.市场底部尚未夯实 3.城市分化不可逆转 30个重点监测城市，在2025年第一季度表现，很是突出，新房成交，跟去年同期相比，明显增长了18%。不过低线城市的成交情况，还是较为薄弱，整体 下滑的幅度，有12%。这种差异趋势，在资产价格的变化上，体现得极为直接：在北京朝阳区，二手房成交价，跟上个周期相比，稍微有所提升，提升幅 度为0.3%；与之相比，某个中部省会城市的新区房价，已然降到比2019年还低的水平了。 两家机构皆认为，2025年，仍处在市场出清这一阶段。高盛测算，全国未售住房库存，超6000万套，去化周期 ...

September 1, 2025 11:59 PM GMT Key Takeaways In this report, we are taking a deep dive into the India-China trade and investment relationship, how it has evolved and where it is headed. Morgan Stanley Asia Limited Chetan Ahya Chief Asia Economist Chetan.Ahya@morganstanley.com +852 2239-7812 Morgan Stanley Asia (Singapore) Pte. Derrick Y Kam Asia Economist Derrick.Kam@morganstanley.com +65 6834-8272 Morgan Stanley Asia Limited Jonathan Cheung Economist Jonathan.Cheung@morganstanley.com +852 2848-5652 Kelly W ...

Market Overview - US stock market showed mixed results with the Dow Jones down 0.05%, while the Nasdaq rose by 1.02% and the S&P 500 increased by 0.51% [1] - The banking and technology sectors exhibited divergence, with Chinese concept stocks rebounding from lows and gold prices rising for the seventh consecutive day [1] Banking Sector - Overall, bank stocks showed minor fluctuations; Goldman Sachs, JPMorgan Chase, and Morgan Stanley experienced slight declines, while Citigroup, Zions Bank, United Bank, and US Bancorp saw small gains [3] Technology Sector - Technology stocks stabilized after previous declines, with Google surging by 9.14%, Apple increasing by 3.81%, and Tesla rising by 1.44%. Other major tech companies like Microsoft, Amazon, Netflix, and META recorded slight gains, while Intel, NVIDIA, Qualcomm, and AMD faced minor declines [3] Chinese Concept Stocks - Chinese concept stocks rebounded from earlier lows, with the China Golden Dragon Index down by 0.19%. Notable movements included Pinduoduo rising by 2.22%, Tencent Music up by 1.71%, and iQIYI increasing by 1.12%. However, NIO fell by 3.95%, and XPeng dropped by 2.6%, with other companies like Li Auto, Alibaba, and JD.com also experiencing declines of over 1% [3] Gold Market - COMEX gold prices experienced a slight increase of 0.56%, closing at $3,619.7 per ounce, marking a seventh consecutive day of gains. The intraday trading range saw a low of $3,592.4 and a high of $3,640.1 per ounce [3]

September 2025 Michael Gapen Chief US Economist Michael.Gapen@morganstanley.com +1 212 761-0571 Sam Coffin Economist Sam.Coffin@morganstanley.com +1 212 761-4630 Diego Anzoategui Economist Diego.Anzoategui@morganstanley.com +1 212 761-8573 September 3, 2025 07:56 PM GMT M O R G A N S T A N L E Y R E S E A R C H North America Sept 3, 2025 US Economics Outlook: Slow Growth, Firm Inflation, and Risk Management Rate Cuts | US Economic Outlook | 4Q/4Q % change | | | | | Quarterly % change, annual rate | | | | | ...

对于后市，摩根士丹利基金分析，当前A股依然是流动性驱动行情，但流动性改善的本质是投资者对中 国资产悲观预期的持续修复。上周人民币汇率出现了明显的升值，美联储降息预期提升给人民币升值提 供了较好的基础条件。这种背景下，人民币资产升值空间进一步打开，非常有利于A股市场的演绎。 （文章来源：证券时报） ...

对于后市，摩根士丹利基金分析，当前A股依然是流动性驱动行情，但流动性改善的本质是投资者对中 国资产悲观预期的持续修复。上周人民币汇率出现了明显的升值，美联储降息预期提升给人民币升值提 供了较好的基础条件。这种背景下，人民币资产升值空间进一步打开，非常有利于A股市场的演绎。 ...