Exhibit 2: -10 -20 -50 Source: Bloomberg, Macrobond, Morgan Stanley Research; Data as of Tuesday, Exhibit 7: Exhibit 10: Options data and data from the futures market suggest that USD positioning is long ( Exhibit 7 ). USD/CAD is the preferred short and AUD/USD the preferred long from our short-term (weekly) contrarian strategy model ( Exhibit 8 ). Source: DTCC, Bloomberg, Macrobond, Morgan Stanley Research; Options data as of Friday, December 13; Futures data as of Tuesday, December 10. Note: Using options ...

Asia Pacific Equity Research 03 December 2024 J P M O R G A N New Oriental Education Quality compounder at a (deep) bargain; affirm OW EDU has corrected 30% over the past six months, significantly lagging KWEB (+5%) and even TAL (-14%), despite solid momentum in its core business. We attribute this to various concerns, including issues around East Buy, seemingly mixed results and a tad softer guidance, none of which we consider thesischanging. Instead, EDU's sustained strong momentum in core businesses - ab ...

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