11 August 2024 | 10:15PM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 B3 (B3SA3.SA): Key takeaways from 2Q24 call — diversification paying off Mitigating a challenging outlook in cash equities with other revenue streams Management discussed the main drivers of revenue growth in 2Q24. The good print in listed derivatives was supported by market volatility and price adjustments in prior periods, which can still benefit this line in coming quarters. Furthermore, BDRs, REITs and ETFs continue to gain traction (13% of t ...

12 August 2024 | 12:01AM EDT 2131d4eaf4cb4d50b1d51c8af07b64b4 Americas Retail: Specialty Hardlines: Updating our Beauty Trackers for 2Q24; Beauty read throughs In this note, we update our beauty trackers with the latest industry data and present analysis on the beauty/personal care category with additional third party data sources, including HundredX. Additionally, we discuss read throughs from earnings in the Beauty space (ELF, L'Oreal, LVMH, OLPX, and SBH), along with recent commentary from COST, CVS, and ...

9 August 2024 | 1:44AM HKT _ Hua Hong (1347.HK): 12'' new capacity to release in 1Q25; near-term recovery remains gradual Despite near-term margin challenges due to depressed pricing trend and rising depreciation, we maintain our long-term positive view on Hua Hong given local customers' rising demand on its specialty technology in a wide application across consumer electronics, computing, EV, new energy, and industrial. In recent quarters, management see solid demand for consumer electronics products (CIS ...

8 August 2024 | 10:41PM HKT _ Kuaishou Technology (1024.HK) Lowering growth estimates but still favorable risk-reward; 2Q preview Buy 024.HK 1 HK$70.00 HK$43.85 59.6% Maintain Buy with revised TP of HK$70. Risk-reward continues to look favorable for Kuaishou after 30% drawdown from the May peak (vs. KWEB -16%, underperformed all other e-Com names: BABA/PDD/JD/VIPS), on multiples contraction following downward revision of annual GMV consensus despite consistent profit delivery. With this note, we revise our ...

8 August 2024 | 5:49PM CEST _ Big Oils Assessing Big Oils cash returns in a lower oil price environment; Screening for resilience Brent spot oil prices are down 5% over the past week, and the 2025 Brent futures curve has fallen below the $75 floor of this year's trading range and our commodity analysts' $75-90 range. While we still believe our $80/bbl oil price forecast for 2025 will withstand macro headwinds, given the consistent OPEC+ support of this oil price level over the past two years, we have attemp ...

GS Global Equities Call FICC and Equities | 8 August 2024 | 11:04AM UTC GS Global Equities Call Matthew Kaplan, CFA Matthew.J.Kaplan@gs.com | Jon Hurvitz, CFA Jonathan.Hurvitz@gs.com | Chloe Garber Chloe.Garber@gs.com Here's what we're focused on this morning: SPX futures -18bps // NDX -10bps // RTY -35bps // UST10yr -2bps @ 3.92% // WTI -17bps @ $75.10// Bitcoin +4.11% @ $57,414 with futures trading lower following a slow and quiet bleed lower yday. JPM increasing recession odds to 35% by year end (from 25 ...

9 August 2024 | 2:53AM HKT Source: Company data, Goldman Sachs Global Investment Research, Bloomberg SMIC (0981.HK): +13% ~ +15% QoQ for 3Q24 revenues, GM guidance higher than expected; 1Q24 beat on GM; Neutral SMIC guides 3Q24 revenues to grow 13%~15% QoQ, with mid-point 10% / 16% higher than our estimate (US$2.0bn) / Bloomberg consensus (US$1.9bn). 3Q GM is guided to 18%~20% (vs. 13.9% in 2Q24), in a faster than expected recovery trajectory. 2Q24 Rev of US$1.9bn (+9% QoQ) was slight higher than guidance r ...

_ 8 August 2024 | 5:00PM BST | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------| | | | | GS SUSTAIN: Circular Economy Our Circular Economy Ecosyste ...

7 August 2024 | 3:15AM EDT Super Micro Computer Inc. (SMCI): F4Q24 review: Gross margin weakness offsets better revenue outlook SMCI's F4Q24 EPS missed ($6.25 v. $7.62-$8.42 guidance) as in-line revenue of $5.3 bn (v. $5.1-$5.5 bn guidance) was more than offset by a gross margin miss at 11.3% (v. consensus 14.2%). Weaker than expected gross margins of 11.3% were impacted by SMCI's focus on strategic new design wins with competitive pricing to win market share, customer mix (e.g., emerging hyperscalers) and ...

For the exclusive use of VIPS@RISKMACRO.COM 9a0c3bf0514c11deab0a0014c2408514 What's Top of Mind in Macro Research: US recession fears likely overblown, market volatility, Europe/China economic weakness 7 August 2024 | 4:39PM EDT This week: n US: weaker data, but recession fears likely overblown n Markets: bad news is bad news n Europe and China: a weaker economic picture, too Transcript US: weaker data, but recession fears likely overblown We raised our 12m US recession odds by 10pp to 25% and now expect a ...