North America Equity Research 13 October 2024 J P M O R G A N | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

M Update October 13, 2024 11:37 AM GMT | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

M Update Sunny Optical | Asia Pacific October 11, 2024 07:16 AM GMT Data NOW: Sunny Monthly Vehicle Lens Shipments vs. Share Price September vehicle lens shipments came in at 9,314mn units, up 12.7% YoY and 10.4% MoM. Aggregate shipments reached 79,798mn units in 1Q-3Q24, up 11.6% YoY. We expect shipments to decline QoQ in 4Q24 due to seasonality but in our view the company is still well positioned to achieve its shipment target. Exhibit 1: Sunny: Vehicle lens monthly shipments YoY growth % vs. share price ...

Global Research 11 October 2024 J P M O R G A N EM Money Trail Records Smashed as China Optimism Lifts EM Boats EM Equities saw unprecedented inflows this week at +$9.8bn - the highest weekly amount in our tracking history since Oct 2000, from +$7.2bn last week. The subscriptions continue to be entirely driven by ETFs (+$10.1bn, the highest weekly inflow on record) while non-ETFs posted outflows of -$292mn. Among regional funds, the buying was concentrated in Asia ex-Japan at +$9.2bn, also the highest weekl ...

North America Equity Research 11 October 2024 J P M O R G A N Tesla Inc See Substantial Risk of Multiple Compression After Big TSLA Rally into Underwhelming Robotaxi Day Came Despite Deteriorating Fundamentals, Suggesting Unmet Investor Expectations Something caused Tesla shares to rise +68% from their 52-week low of $142.05 on April 22 to close yesterday at $238.77 ahead of the company's much heralded Robotaxi Day – and it sure wasn't the outlook for Tesla vehicle sales, earnings, or cash flow (all of whic ...

Joseph Lupton (1-212) 834-5735 joseph.p.lupton@jpmorgan.com JPMorgan Chase Bank NA Global Economic Research 11 October 2024 J P M O R G A N The okay, the not so okay, and the ugly of global industry • Global manufacturing has struggled for two years • After a brief bounce in 2Q, the pace of growth has slowed but output has continued to grow • Industrial sector growth owes to resilient demand, which in turn is supported by health fundamentals • But the latest business surveys send a concerning signal on both ...

M Update Advanced Micro Devices | North America October 11, 2024 02:22 AM GMT AMD Advancing AI event: server leadership, AI opportunity AMD launched the new Zen 5 server architecture, the mid life kicker for MI300, and previewed the MI350. The bull case that MI350 lands them in a leadership position is very compelling, but in the interim MI300 seems likely to drive less upside than we see elsewhere in AI. Key Takeaways Turin looks to be a share winner in server MI325 was in line, we make the case that we ne ...

M Update Podcast | Metals & Mining Tracker | Europe October 11, 2024 09:44 AM GMT HRC tug-of-war China's HRC prices have rallied since the recent policy pivot, causing the EU-China HRC spread to fall significantly, disincentivising imports. While we note the impact of EU demand weakness, we argue that a positive dynamic in the seaborne market will have a far greater impact on EU prices/ margins. Play Audio Related Research: European Metals & Mining Tracker: HRC tug-of-war (October 10, 2024) | --- | --- | |- ...

M Update EM Fixed Income Flows Update | Global October 11, 2024 09:09 AM GMT Where Supply Meets Demand EM flows: EMDD funds saw inflows worth US$1.2bn this week versus inflows of US$52m in the previous week. • Hard currency fund inflows re-accelerated moderately to US$335m from US $219m in inflows in the prior week. Sovereign funds turned to outflows of US$304m from inflows of US$235m in the last week but corporate funds (US$434m in inflows versus US$49m in outflows a week ago) and mixed sovereign/corporate ...

M Update October 11, 2024 11:23 AM GMT | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...