9 October 2024 | 4:49PM PDT _ Americas Real Estate: REITs: Apartments: Takeaways from Private Real Estate Webinar On October 9th, 2024, as part of our Private Real Estate Week, we hosted our Private Real Estate Apartment Webinar. Panelists included Jason Morgan (President of Morgan Properties Special Situations & Principal at Morgan Properties), and Steven DeFrancis (Founder and CEO of Cortland). Key topics included rent growth expectations, demand drivers, supply dynamics, the transaction environment, and ...

9 October 2024 | 6:41AM EDT Aerospace & Defense 3Q24 earnings preview Our 3Q24 A&D earnings preview provides our current thoughts on each sub-market and single stock ideas into the results period. Aerospace OE is challenged by the Boeing strike and supply chain hurdles. We expect companies to speak to slower output through year-end, but only modestly, with an aim to ramp quickly in 2025. Unit and price growth are both likely still strong in the aftermarket, and only extended by OE challenges; we expect stro ...

9 October 2024 | 5:34PM EDT _ What's Top of Mind in Macro Research: Even brighter US macro picture, Middle East energy supply risks, more US/China equity upside This week: n US: an even brighter macro picture n Middle East: energy supply risks n Equities: more upside in the US and China Transcript US: an even brighter macro picture We lowered our 12m US recession odds by 5pp to the historical unconditional average of 15% and became more confident that the Fed will deliver 25bp rate cuts at the next few FOMC ...

8 October 2024 | 11:30PM HKT _ China Consumer Connections Pulse Check: National Day holiday consumption wrap-up: Mild growth with some improvement; policy support is The National Day holiday is one of the key investor focuses points post the Sep Politburo meeting, at which clear easing signals were sent, alongside boosting consumption. Given the generally soft consumption data points in 2Q-3Q, we believe investor expectations on holiday consumption are still relatively cautious. However, the retail and cons ...

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10 October 2024 | 7:38AM HKT _ Asia Pacific Textile, Apparel & Footwear: Monthly Tracker: Sep 2024: Solid OEM growth continues; stagnant PS recovery Our key takeaways from our Sep monthly tracker along with brands'/OEMs' recent comments include: 1) In Sep, solid growth continued for OEMs. Most players saw MoM growth acceleration which should be supported by healthy order trends; Feng Tay, however, remains an underperformer due to high exposure to Nike's basketball/lifestyle products, in line with that brand ...

8 October 2024 | 6:42AM EDT Americas Insurance: Property & Casualty Investment Income Sensitivity Analysis Across Insurers & Brokers Following the first federal funds rate cut in over four years, we refresh our net investment income estimates and highlight individual company sensitivities. While the forward curve for short term rates is materially lower versus a few months ago, consensus expectations for longer maturity bond yields are relatively more resilient. This creates an interesting dynamic whereby t ...

_ 8 October 2024 | 11:23PM HKT China: Tourism data showed largely stable momentum during the National Day Golden Week Bottom line: Tourism data during the National Day Golden Week showed largely stable growth momentum in the hospitality sector vs previous long holiday, with tourism spending per head slightly below the pre-pandemic level. Low tourism spending per head and subdued services prices highlighted still weak domestic demand and continued consumption downgrading. It remains to be seen how much more ...

8 October 2024 | 10:12AM JST Japan: BOP: August Inbound Spending Falls, Primary Income Surplus Hits Record High BOTTOM LINE: Japan's current account balance came in at a surplus of +¥3.80 tn in August, up +65% from +¥2.29 tn in August 2023. Inbound spending fell, but the primary income balance, which mainly reflects earnings from overseas assets, hit a record surplus. In September, domestic investors remained net buyers of foreign bonds, while foreign investors were large net sellers of Japanese equities. K ...

8 October 2024 | 12:02AM EDT GS Housing Market Activity Scale Week of September 29: Scale Moves Lower Sequentially as Buyer Hesitancy Holds Move in Weekly Scale Comes as Exhibit 1: GS Housing Activity Weekly Scale Holds at 4 Week of 9/29/24 Sales Decline: The index held at 4 for the week of September 29, down 2% sequentially and 12% year-over-year, bringing it 22% below the long-term average. The move relative to the prior week reflects a sequential and YOY deceleration in sales while mortgage purchase appl ...