Market Intelligence： US Morning Update

Investment Ratings - Bata India has been downgraded from Sell to Neutral [12] - Honasa Consumer Ltd. has been upgraded from Sell to Buy [12] - Cytokinetics Inc. has been downgraded from Buy to Neutral [13] - Hypera Pharma has been downgraded from Buy to Neutral [13] - Triumph Group has been downgraded from Buy to Neutral [13] - Ducommun Inc. has been upgraded from Neutral to Buy [13] Core Insights - The report highlights a significant increase in July global debt issuance volumes, which grew by 67% year-over-year, indicating strong refinancing activity [19] - The report anticipates a 0.16% increase in core CPI for July, with a year-over-year rate of 3.20%, driven by declining used car prices and moderating airfares [7] - The upcoming US elections are expected to have substantial policy implications, with a Democratic sweep likely resulting in increased corporate tax rates and fiscal transfers to households [6][5] - The report notes that the market is currently tracking ahead of the expected issuance volume for the year, with a positive outlook for SPGI due to its leverage to debt issuance volume strength [19] Market Performance - Asian markets showed positive performance, with Japan's Nikkei 225 rising by 3.5% [4] - European equities started the day directionless, influenced by economic sentiment in Germany and the UK unemployment rate [4] - The report indicates that the US presidential race is currently viewed as an even contest between former President Trump and Vice President Harris, with a divided government being a likely outcome [5]