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 ...

30 September 2024 | 1:20AM HKT For the exclusive use of ACCOUNTS@KARUNADUCABS.COM 2131d4eaf4cb4d50b1d51c8af07b64b4 Navigating China Internet Lifting eCommerce on room for further re-rating; refreshing mega-cap TPs and our top ideas We lift our preference for eCommerce to within our top-two most-preferred sub-sectors alongside games (Tencent, on CL) within China Internet on the back of stronger-than-expected government pro-growth/easing policies, signs of a normalizing eCommerce market landscape where incumb ...

29 September 2024 | 7:06PM EDT For the exclusive use of ACCOUNTS@KARUNADUCABS.COM 2131d4eaf4cb4d50b1d51c8af07b64b4 Oil Comment: Q&A on OPEC Supply, the Middle East, and China Stimulus n Oil prices are down about 3% over the past week despite rising geopolitical tensions in the Middle East and despite China stimulus. We believe that this price action reflects that the geopolitical risk premium remains limited and market expectations of potentially higher oil supply following press reports about Libya and Sau ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2024年9月25日 | 3:33PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 中国市场寻思 为时未晚 元汇率在收盘时上涨0.4%。 策消息反响积极，当天恒生国企指数/沪深300指数上涨5%/4%，在岸/离岸人民币兑美 可能共计向银行/金融系统注入近人民币2万亿元（参见 ）。中国资产市场对政 会，宣布了 ，涵盖货币政策和房地产及股票市场提振措施。此举 9月24日，中国人民银行、中国证监会和国家金融监督管理总局联合召开新闻发布 事态进展 一揽子政策刺激措施 图表 1 振股市可能有效地在短期内提高回报。 n 平准基金：人民银行潘行长证实正在考虑此事。历史数据表明，政府直接出手提 有助于延续已然创纪录的股票回购速度。 n 人民币3,000亿元再贷款计划支持企业回购股票：符合 的政策目标， 显出决策层对于逐步稳定国内股市的承诺和决心。 要的情况下再追加资金支持；2015年 当局曾采取过类似措施，彰 n 人民银行提供人民币5,000亿元额度的资产互换便利用于股市投资，而且将在有需 1,500亿元。这项需求侧举措应能逐步加强消费意 ...