3ab8f2aafeb711dfb52c00215ad26546 25 July 2025 | 11:23PM HKT Asia Credit Trader The Changing Pattern of CNH Bond Issuance Once again, search for carry motives dominated, as Asia credit spreads continued their march tighter. Recent news and events support the notion that "Summer Goldilocks" conditions can further extend. We maintain the view that carry remains important, and refrain from adopting a negative stance. That said, with the recent spread tightening and the reset lower in volatility across global ri ...

Read-through from our fireside chat with a leading toy OEM supplier; our thoughts on recent 5% search interest decline We recently hosted a fireside chat with a leading toy OEM supplier ("Understanding the supply chain"). Key takeaway is that current OEM supply is in shortage, as more IPs are moving OEM sourcing out of China. This explains why Labubu & Crybaby are still out of stock, in addition to strong demand. Once the supply shortage normalizes, we expect super IPs to have stronger bargaining power (to ...

Opportunities in Next-generation IO Space; Pipeline Updates and TP Changes CITI'S TAKE V i e w p o i n t | 25 Jul 2025 09:58:42 ET │ 28 pages China Biotechnology Next-generation immuno-oncology (IO) therapeutics, such as bi/trispecific PD-1/VEGF, PD-1/IL-2, PD-1/VEGF/CTLA4, have the potential to reshape the landscape of cancer IO treatment. We think investors are keen to value next-generation IO candidates in company pipelines – we summarize our work in Figure 1, while our framework factors in market share ...

Sunday Start | What's Next in Global Macro M Global Idea Fighting Tariff Fatigue Another week, another tariff deadline. This time it's Friday, August 1, the date that tariffs would increase on key US trading partners such as Europe, Canada, and Mexico unless fresh trade deals are announced or deadlines are extended. Clients we talk to are certainly jaded when it comes to the tariff topic, and we sympathize. Deadlines have come and gone, tariffs have climbed (although not to the highest levels threatened), b ...

July 27, 2025 06:47 PM GMT Global Credit Brief M Global Idea What Will it Take to Widen? If you've enjoyed our Credit Research, we'd greatly appreciate your support in the 2025 Extel Global Fixed Income Poll. Our team is competing in the Credit Strategy (IG, HY and Credit Derivatives) and Sector Credit categories. From all of us in the Morgan Stanley Global Credit Research team...thank you! Morgan Stanley & Co. International plc+ Andrew Sheets Strategist Andrew.Sheets@morganstanley.com +44 20 7677-2905 Low ...

27 July 2025 Miguel Marques, CFA +1 917 344 8432 miguel.marques@bernsteinsg.com Rory Graham-Watson +44 207 676 7093 rory.graham-watson@bernsteinsg.com U.S. Machinery Electrical Infrastructure: How does the change in energy policy impact the renewable market? Chad Dillard +1 917 344 8469 chad.dillard@bernsteinsg.com Deepa Venkateswaran, ACA +44 207 676 6990 deepa.venkateswaran@bernsteinsg.com Jorge Alonso Suils +34 915 893 913 jorge.alonso@bernsteinsg.com Ken-Ree Choong +44 207 676 8243 ken-ree.choong@bernst ...

M Idea July 27, 2025 10:00 PM GMT Asia | Asia Pacific Three Actionable Ideas CK Hutchison Holdings – OW | Bridgestone – OW | Foxconn Industrial Internet – OW OW – Foxconn Industrial Internet (601138.SS): We expect FII to benefit from China's AI development when NVIDIA resumes GPU shipments to China, given its supply exposure to major CSPs. Globally, AI demand into 2026 should continue to drive FII's AI server and network device offerings. Links to reports: CK Hutchison Holdings: Navigating a Multipolar Worl ...

July 25, 2025 09:24 AM GMT M Update EM Sovereign Credit Strategy | Global Where Supply Meets Demand EM flows: EMDD funds saw inflows worth US$5.7bn last week versus inflows worth US$69m in the previous week. EM credit issuance: There was US$3.5bn in issuance last week, versus US$10.0bn the previous week. ESG issuance: There was US$0.5bn in ESG-labelled bond issuance in EM last week, bringing year-to-date ESG issuance to US$61.9bn. • For ESG funds, hard currency funds saw inflows of US$11m, local currency fu ...

V i e w p o i n t | 27 Jul 2025 21:30:43 ET │ 33 pages Global Gas and Power Insights Quantifying One Big Beautiful Bill Act's potentially severe impacts on economics of US solar and wind projects CITI'S TAKE The One Big Beautiful Bill Act (OBBBA) greatly accelerates the phaseout of tax credits for solar and wind projects. Also complicating the "safe harbor" efforts of project developers are stricter "foreign entity of concern" rules and the likely tightening of "beginning of construction" (BOC) thresholds. ...

Global Research ab 26 July 2025 First Read Tencent Holdings Channel checks with online games experts Growth: Healthy trend so far; Delta Force a potential evergreen game Despite the market's concern regarding Tencent's difficult YoY growth comparison for H2, we remain confident. The solid grossing performance in Q1 (see our note) should have sustained into Q2 and we expect Tencent's domestic grossing to decline mid to high single digit % YoY in Q2. Flagship titles like HoK and PKE registered healthy growth ...