Tingting Ge (852) 2800-0143 tingting.ge@jpmorgan.com Asia Pacific Economic Research Haibin Zhu (852) 2800-7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Grace Ng (852) 2800-7002 grace.h.ng@jpmorgan.com 13 October 2024 J P M O R G A N Greater China • China: NDRC did not provide further stimulus details, all eyes on the Saturday MOF press conference • FX reserves a touch above expectation, two-sided risks around 7 for USD/CNY • Taiwan: September exports moderated, partly paying back ...

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Deutsche Bank Research Q3 European Earnings Preview – Easy beats Maximilian Uleer, Head of European Equity- and Cross Asset Strategy +49 (0)69-910 41355 | maximilian.uleer@db.com Carolin Raab, European Equity- and Cross Asset Strategist +49 (0)69-910 43958 | carolin.raab@db.com Francesca Mazzali, European Equity- and Cross Asset Strategist +49 (0)69-910 47636 | francesca.mazzali@db.com October 2024 IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks ...

M Update S. Korea Autos/EV Batteries | Asia Pacific October 4, 2024 05:07 AM GMT Asia Marketing Feedback + Recent Developments Post our S. Korea EV battery upgrades in September, we met with a wide range of investors in Asia. Below, we highlight the key feedback for both EV Batteries and Autos from those meetings. Key feedback for EV Batteries: Improving sentiment: Compared to early September, when we upgraded LG Energy Solution (373220.KS) and the Korea EV battery sector, our recent discussions with invest ...

_ 1 October 2024 | 6:25PM EDT USA: GS Economic Indicators Update (Rindels) | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------| | | | | Please find an update of our proprietary economic indicators below. The data behind | Jan Hatzius | | these exhibits can be downloaded here. Inte ...

For the exclusive use of ACCOUNTS@KARUNADUCABS.COM Lower rates and sluggish deal recovery leaves downside risks across most Capital Markets stocks into 3Q 30 September 2024 | 4:11AM EDT Americas Capital Markets Prospects of faster rate cuts and stronger equity markets have propelled the risk-on behavior across many Capital Markets stocks in 3Q. That said, deal activity rates (M&A, ECM) remain sluggish - a continued headwind for many Alt Managers amid very stretched valuation multiples, organic growth for mo ...

_ 27 September 2024 | 10:22AM EDT Weekly Fund Flows A Shifting Mix Global fund flows, week ending September 25 n Flows into mutual funds and related investment products showed firm demand for both equity and bond funds. n Net flows into global equity funds were strong in the week ending September 25, driven by flows into US and mainland China equities (+$25bn vs +$39bn in the previous week). Flows into US equities have strongly outpaced those into the Euro area and mainland China this year, but recent news ...

Investment Rating - The report indicates a cautious approach towards H-shares, suggesting that while momentum-driven rallies may overshoot, the risk-reward profile is not very attractive [7]. Core Insights - There is a significant increase in net buying from long-only investors, amounting to US$ 3.4 billion over the past two weeks, indicating a shift in positioning towards a fuller allocation [1]. - Global investors are preparing for an influx of retail money post the National Day holiday, which may lead to shallow dips in the market [1]. - The forward P/E ratio for the HSCEI is nearing 10x, historically associated with negative skewed returns when exceeding this threshold [7]. - A-share valuations may experience a more substantial re-rating compared to H-shares if the current market sentiment mirrors the 2014-2015 bull market [9]. - There is a notable increase in margin financing turnover, indicating that domestic retail investors are beginning to engage more actively in the market [9]. - Policymakers are likely to continue supporting the market, reducing the chances of abrupt policy changes that could halt the current rally [14]. - The consensus for potential stimulus measures is between CNY 3-5 trillion, with a focus on direct consumer transfers rather than liquidity easing [16][17]. - The report highlights a significant cash reserve in the market, with household bank deposits growing by CNY 40 trillion prior to the current rally, suggesting potential for further market support [13]. Summary by Sections Section 1: Market Positioning - Long-only investors have net bought US$ 3.4 billion recently, indicating a shift towards fuller positioning [1]. - Global investors are front-running expected retail inflows, anticipating shallow market dips [1]. Section 2: Valuation and Returns - HSCEI's forward P/E ratio is close to 10x, historically linked to negative returns when exceeding this level [7]. - A-shares may see a more significant re-rating compared to H-shares if market sentiment aligns with previous bull markets [9]. Section 3: Retail Investor Activity - Margin financing turnover has increased, indicating growing participation from domestic retail investors [9]. Section 4: Policy and Stimulus - Policymakers are expected to maintain support for the market, reducing the likelihood of abrupt policy changes [14]. - Expected stimulus measures range from CNY 3-5 trillion, focusing on direct consumer transfers [16][17]. Section 5: Cash Reserves - Household bank deposits have increased by CNY 40 trillion leading up to the current market rally, indicating substantial cash reserves available for investment [13].