Mord August 7, 2024 10:16 AM GM Japan Economics │ Japan Our Impression About BoJ Deputy Gov. Uchida's Speech BoJ Dep. Gov. Uchida stated that the bank would not raise its policy rates while financial and capital markets remained unstable in his speech on Aug 7. It is more important to note that he wanted to clarify that his stance was not inconsistent with the bank's existing policy decision process. Key Takeaways ■ Dep. Gov. Uchida stated that the bank would not raise its policy rates while financial and c ...

Equity Research Report Strategy Prospects for Export Chain Trade Huatai Research 13 August 2024 | China (Mainland) Themes Analyst SAC No. S0570520060001_wangyi012893@htsc.com SFC No. BMQ373 +(86) 21 2897 2228 Our core views: export chain to stay resilient, upside to weaken In this report, we analyze the excess return outlook for China's export chain in terms of environment and fundamentals. 1) The win rate of the export chain is 100% amid an increased manufacturing PMI overseas, with excess returns averagin ...

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Equity Research Report Strategy Behind Shifts in Large and Small Cap Styles Huatai Research 13 August 2024 | China (Mainland) Weekly Our core views While the market underwent a pulsed rebound due to policy-driven trading in the middle of last week, sustainability remains to be seen. Recession trading has intensified recently in external markets, yet there has been no sign of inflow into China assets from allocation-oriented foreign capital, necessitating further observation on foreign capital reallocation. ...

August 4, 2024 10:23 PM GMT M Idea China Economics | Asia Pacific Bull vs. Bear: Is Bad Data Good News Again? China's growth deceleration continued in July, raising the urgency of more easing. The Politburo has called for faster implementation of announced policies and suggested more might be coming. We expect continued reactive easing and a slight growth improvement in 2H, leaving FY24 GDP growth tracking at 4.6-4.7%. To bring you a variety of perspectives, we have picked several charts that consider both ...

Fixed Income Credit Commentary 13 Aug 2024 CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 The Asset Asian G3 Bond Benchmark Review 2023 We hope you found our commentaries and ideas helpful. We seek to elevate our efforts and value-add further in the coming year. We highly appreciate your support to us in Sell-Side Analysts of the polls of "The Asset Asian G3 Bond Benchmark Review 2024". Thank you for your support! . Asian IGs were stable and flows skewed to better selling this morning. Ja ...

13 August 2024 | 10:31AM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Wistron (3231.TW): Better 3Q24 ahead on AI servers ramp up, PCs and general servers recovery; Product mix and larger scale to support GM We remain positive on Wistron post 2Q24 results and July revenues, which are both in line with our estimates. We expect a better 3Q24 ahead with stronger seasonality, PCs and general servers recovery on new product cycle, and AI servers ramp up on better GPU supply. Although there are still some uncertainties in ...

Investment Rating - The report provides a GDP growth forecast of 4.9% for 2024, indicating a slower growth outlook due to various economic factors [15]. Core Insights - The property sector is experiencing a significant downturn, with sales, starts, and real estate investment (REI) projected to decline by 5-10%, 15-20%, and 5-10% respectively in 2024 [16]. - Consumption recovery remains weak, with offline activities normalizing but overall consumption still below pre-COVID trends, influenced by factors such as income, confidence, and excess savings [17][35]. - Infrastructure fixed asset investment (FAI) is expected to moderate to 5-6% in 2024 from 8% in 2023, reflecting a shift in government support dynamics [18]. - Exports are projected to remain resilient, with nominal exports expected to increase by 3.5% in 2024, supported by robust US growth and ongoing global tech cycles [19]. Economic Indicators Summary - Real GDP growth is forecasted at 4.9% for 2024, with a notable Q1 growth of 5.3% followed by a slowdown to 4.7% in Q2 [15]. - Consumption growth is expected to be 5.1% in 2024, down from 6.4% in 2023, reflecting ongoing challenges in consumer confidence and spending [3]. - Fixed investment growth is projected to stabilize at 3.7% for 2024, consistent with the previous year [3]. - The current account balance is expected to decrease to 1.2% of GDP in 2024, down from 1.4% in 2023 [3]. Sector-Specific Insights - The property sector's downturn is described as the sharpest in history, significantly impacting GDP and local government financing [16][25]. - Infrastructure investment is anticipated to slow down, with a focus on maintaining fiscal support amid weaker local government financing conditions [18]. - Retail sales growth is projected to remain subdued, with key factors such as youth unemployment and cautious consumer sentiment affecting overall spending [35][38]. Policy and Market Dynamics - Major coordinated policy easing measures were implemented in May 2024 to address the property downturn, although the effectiveness of these measures remains to be seen [22]. - The report highlights the importance of addressing inventory destocking in the property sector, with limited progress noted so far [16][25]. - The report emphasizes the need for further policy support to stimulate consumption and investment, particularly in the context of high savings rates and cautious consumer behavior [41].

Global Research and Evidence Lab 13 August 2024 Australian Economic Comment RBA Hauser hawkish: lifts neutral & NAIRU. WPI ticks down to 0.8% q/q, but y/y holds 4.1% RBA Deputy Hauser hawkish: effectively lifts neutral rate & NAIRU estimates RBA Deputy Governor Hauser's speech was on the hawkish side; especially relative to prior comments, which were initially more balanced on the RBA's 'dual mandate' of an inflation target as well as full employment. 1) Hauser characterised inflation as persistent, and hig ...

13 August 2024 | 10:18AM HKT Wiwynn (6669.TW): 2024 Nl +79% YoY, in line; ASIC Servers and General Servers to drive growth in 2H24; Buy Wiwynn delivered in-line 2Q24 results, sustaining strong YoY growth on low base last year (Read more in our results first take). We expect sequential top-line growth in 3Q/4Q24E, up 82%/ 68% YoY, with gross margin at 9.5%, above its historical level of ~8% on continuous NRE (non-recurring engineering) charges on new AI server projects. We expect ASIC (Application Specific I ...