There's a tight race between Goldman Sachs and Morgan Stanley for the top position in Hong Kong's booming deals market https://t.co/Zm0yIytXaR ...

美联储内部分歧达到十年之最，华尔街的观点也随之分裂。 华尔街见闻此前提及，根据6月点阵图，美联储官员对2025年利率预测呈现两极化分布，分歧程度创下十年新高。与此同时，华尔街投行对今年降息时机 的判断也出现了分歧。 据追风交易台消息，摩根士丹利在其最新研报中表示，受通胀胀风险和关税影响，预计2025年全年无降息，而花旗则在其研报中预计，9月就可能开启降 息周期，且后续每次会议都可能降息，直至政策利率降至3-3.25%。 大摩与花旗预测迥异 大摩报告明确表示，鉴于通胀压力和关税对消费及企业支出的拖累，2025年不会降息，预计2026年才会启动175个基点的降息周期。 大摩分析称，6月FOMC会议纪要偏鹰派，"大多数"官员仍担忧关税可能导致通胀持久化，甚至动摇通胀预期。如果通胀在6月至9月间加速上升，可能有 更多官员倾向于维持现有政策不变。 相反，花旗研究报告则对9月降息充满信心。 据花旗分析，尽管6月会议纪要显示部分官员对通胀风险的担忧加剧，但随着未来数据发布，通胀压力有望缓解，而劳动力市场疲软的迹象将进一步显 现。 花旗预计，9月FOMC会议后，美联储将启动降息，并在此后每次会议持续降息，直至政策利率降至3- ...

美联储内部对通胀持续性的担忧正在加剧，这可能让市场对年内降息的预期落空。 据追风交易台消息，摩根士丹利最新发布的研报显示，美联储6月会议纪要显示官员们对通胀持续性的担忧加剧，多数参会者认为关税可能导致持续通胀 并带来预期失稳风险，这一表态比主席鲍威尔在6月记者会上的立场更为鹰派。摩根士丹利预测美联储今年不会降息，但2026年将降息175个基点。 关税担忧超预期 通胀风险仍是主要考量 今年6月，美联储利率决议仍然按兵不动后，鲍威尔在记者会上表示，关税对通胀的影响可能会更加顽固，预计未来数月将出现一定幅度的通胀压力上 升。关税的总体影响有多大、会持续多久、什么时候完全体现出来，都非常不确定。他对就业市场情况满意，表示"劳动力市场并没有在呼吁降息。" 在摩根士丹利看来，这一次联邦公开市场委员会（FOMC）的会议纪要更为"鹰派"，而支撑鹰派观点的最关键内容仍然是——通胀。"大多数参与者"仍然 认为关税可能导致通胀持续，并有破坏通胀预期稳定的风险。 会议纪要指出，在讨论通胀前景时，参与者注意到关税增加可能对价格造成上行压力。然而，这些影响的时机、规模和持续时间存在相当大的不确定性。 该投行估计，当前有效关税税率约为17 ...

Morgan Stanley (MS) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on July 16, might help the stock move higher if these key numbers are better than expectatio ...

July 7, 2025 05:41 PM GMT Key Takeaways Global EM Strategist EM Flows Driven by USD, But by How Much? We leave our views unchanged ahead of shifting tariff deadlines. We see lower yields and a weaker USD, which should help drive EM inflows. Must reads from Global EM Strategy LatAm Macro Strategy – MXN: The Road to 18.00 and Below | 7-Jul-2025 MXN positioning is only mildly long despite its recent rally and the currency has decoupled from domestic risks. USD weakness offsets lower carry, but the peso remains ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Viewpoints - Trade uncertainty is expected to persist, impacting corporate confidence, capital expenditure (capex), and the overall trade cycle [6][36] - High-frequency data is anticipated to reflect negative impacts on the growth cycle in the upcoming 2-3 months [6][36] Summary by Relevant Sections Trade Negotiation Status - Vietnam is the only country that has secured a trade agreement, while negotiations with other economies remain unclear [6] - The US and China face significant challenges in reaching a comprehensive trade deal, particularly regarding transshipments and sectoral tariffs for pharmaceuticals and semiconductors [6][33] Economic Implications - The report highlights that if trade agreements are secured, the best-case scenario would be for tariff rates to remain at current levels [18] - If no progress is made, tariff rates could revert to levels announced on April 2, 2025, which would significantly impact various economies [18] Country-Specific Negotiation Updates - **China**: Current tariff rate is 42%, with ongoing negotiations regarding rare earth exports and chip design software [56] - **India**: Current tariff rate is 11%, with India emphasizing that trade agreements must align with national interests [56] - **Indonesia**: Current tariff rate is 15%, with a focus on securing a comprehensive trade deal covering critical minerals and energy [56] - **Japan**: Current tariff rate is 17%, with unresolved issues on auto tariffs and agricultural market access [56] - **Korea**: Current tariff rate is 16%, with ongoing negotiations to extend tariff pauses [56] - **Malaysia**: Current tariff rate is 8%, with limited updates following two rounds of negotiations [56] - **Taiwan**: Current tariff rate is 7%, aiming for a zero-tariff deal and increased US goods purchases [56] - **Thailand**: Current tariff rate is 11%, with proposals to reduce trade surplus with the US [56] - **Vietnam**: Current effective tariff rate is 20%, with commitments to remove tariffs on US goods [56] Tariff Rate Changes - The report indicates that the US trade-weighted tariff rates on imports from Asia have increased significantly, with potential further increases [13][14] - The emergence of a two-tiered tariff structure for imports from Vietnam highlights the US's focus on addressing transshipment issues [21][22] Economic Data Trends - High-frequency shipping indicators show a slowdown in activity, suggesting that the initial strength in trade may be waning [36][46] - Capital goods imports have held up, but there are signs of potential weakness in the coming months [36][41]

Group 1 - Goldman Sachs expects the Federal Reserve to cut interest rates in September, reflecting early signs of milder inflation related to tariffs and emerging deflationary forces [1] - Goldman Sachs raises its S&P 500 index target for the next 12 months by 11%, citing earlier and deeper monetary easing by the Fed and strong fundamentals of large-cap stocks [1] - The S&P 500 index's expected returns for 3 months, 6 months, and 12 months have been adjusted to +3%, +6%, and +11% respectively, with new target levels set at 6,400, 6,600, and 6,900 points [1] Group 2 - Morgan Stanley indicates that U.S. trade negotiations are moving towards a tactical escalation, with potential increases in tariffs affecting Asian economies [2] - Mizuho Securities notes that OPEC+ plans to increase production by 548,000 barrels per day, reflecting Saudi confidence in market demand rather than an intention to capture market share [3] - Nomura Securities suggests that clearer trade tariffs could help the market eventually rise, as new agreements may reduce uncertainty [5] Group 3 - Bank of America reports that improved Canada-U.S. relations and reduced tariff tensions are likely to benefit the Canadian banking sector [4] - OCBC Bank highlights that despite recent cooling measures in Singapore's real estate market, there remains potential for price and transaction volume increases [7] - Goldman Sachs predicts that the Reserve Bank of Australia will cut rates by 25 basis points in July, with a terminal rate potentially dropping to 3.10% [8] Group 4 - Westpac Bank expects the Reserve Bank of New Zealand to maintain its cash rate in July, leaving the market to interpret future rate changes [9] - CICC notes that the Hong Kong stock market is entering a new era driven by active trading and structural changes in asset and funding dynamics [7] - Huatai Securities anticipates a turning point for IDC due to growing domestic and international demand for intelligent computing centers [8] Group 5 - Galaxy Securities identifies new investment opportunities in the upstream life sciences sector, driven by recovery in revenue growth and domestic substitution trends [9]

智通财经7月8日电，杰富瑞将摩根士丹利目标价从135美元上调至158美元。 ...

上周，美国财政法案获得通过。摩根士丹利固定收益和主题研究全球主管迈克尔·泽萨斯（Michael Zezas）表示，无论投资者如何看待这项即将生效的立法最终会产生的影响，摩根士丹利所定义的本年 度市场前景四大关键政策因素——财政、贸易、移民和监管——中的一些重大不确定性现已得到解决。 另一方面，美国贸易政策的具体内容和方向仍然悬而未决。 本周三（7月9日），始于4月9日的对等关税90天暂停期将到期。摩根士丹利的基本预测是：美国的有效 关税水平仅会小幅上涨，但会伴随一些新的不确定性。 如果谈判停滞或失败，美国政府可能会决定有选择性地、分阶段地重新征收关税。例如，鉴于双边谈判 的复杂性和各行业之间的细微差别（正如摩根士丹利在此处强调的），欧盟和/或日本可能会面临更强 硬的立场。谈判进展缓慢可能会导致宣布提高关税，但延迟实施——为解决问题留下余地。这种情境也 与7月9日之前没有达成双边或区域框架协议的情况一致。 情景三：框架狂潮 在一个更良性的转变中，美国政府可能会宣布一些区域或双边框架——并非完整的贸易协议，但足以明 确美国有效关税税率的方向偏低，从而降低近期进口成本方向的不确定性。 虽然许多美国贸易伙伴可能会获得 ...

当投资者普遍押注关税不会升级时，摩根士丹利却在思考一个关键问题：如果7月9日的结果与预期不 符，市场将面临怎样的冲击？ 央视新闻指出，7月9日（本周三）是美国与各国谈判贸易协议的截止日期。据追风交易台消息，摩根士 丹利全球固定收益和主题研究主管Michael Zezas发布研报警示，尽管市场普遍预期美国关税政策不会进 一步升级，但7月9日关税暂停期到期这一关键节点仍存在多种可能性，投资者需要为不同情形做好准 备。 该行的基本预期是美国有效关税水平仅会适度上升，但会伴随一些新的波动，并分析了三种可能的情 形。 基本情形：延期策略 摩根士丹利认为最可能的情况是，白宫将以双边谈判取得了"进展"为由，延长对大多数主要贸易伙伴 的"对等关税"暂停期，同时宣布与某些贸易伙伴(包括越南)达成高层协议，并可能在未来某个日期对其 他国家提高关税税率。 "对等关税"暂停期结束，8月1日又要开始支付新关税？ 随着截止日期的临近，据环球时报5日报道，美国总统特朗普表示，美政府7月4日起将向尚未达成贸易 协议的国家发出新关税税率的通知，税率区间为10%至70%，并计划从8月1日起正式实施。这一税率上 限（70%）远高于其4月份宣布的5 ...