June 24, 2025 04:01 AM GMT M Idea From the Global Director of Research | North America Charts That Caught My Eye A guiding principle at Morgan Stanley Research is to enhance your investment process by delivering unique insights that separate the signal from the noise. An intuitively designed and well-crafted chart can often accomplish this with exceptional clarity. With that mission in mind, these charts in our recently published research stood out to me. Please reach out to me with feedback on these or any ...

Equity Strategy Rie Nishihara AC (81-3) 6736-8629 rie.nishihara@jpmorgan.com J P M O R G A N Global Markets Strategy 20 June 2025 Japan Equity Strategy Direction of Japan-US tariff negotiations after G7 summit and impact of Section 899 Japanese and US tariff negotiators did not reach an agreement during the G7 meeting in Canada. However, negotiations appear to be moving forward and are not at a complete standstill, perhaps reflecting a strategic aspect of refraining from producing clear results before Japan ...

尽管年初至今涨幅不错，欧洲股市正面临投资者日益增长的怀疑情绪。 据追风交易台消息，高盛在6月20日的报告中表示，尽管年初至今欧股STOXX 600指数上涨5%，但这一涨幅完全来自于价值重估和股息收益，而 非盈利增长。 从板块表现来看，银行和公用事业板块年初至今表现最佳，而汽车和生物技术板块表现最差。银行板块受益于利率环境和估值修复，年初至今涨 幅显著。相比之下，汽车板块面临需求疲软和结构性挑战，表现持续低迷。从风格角度看，价值股明显跑赢成长股，小盘股表现略好于大盘股。 投资者对欧洲市场的担忧主要集中在两个关键问题：缺乏近期催化剂和增长动力不足。 高盛预计STOXX Europe 2025年每股收益增长率为0%，2026年仅为4%。 欧洲股市过去12个月的表现完全依赖于价值重估和股息贡献，而其他地区的回报则来自盈利和估值的混合推动。欧洲股票的市盈率已达到14.2 倍，接近历史区间的第70百分位，不再便宜。强势货币、疲弱的经济增长以及低油价都对欧洲每股收益构成拖累。 欧洲股市年初至今虽然获得了强劲的资金净流入，特别是来自国内投资者的回流，但这一趋势正在减弱。 高盛统计显示，本土投资者在过去几年持续抛售欧洲股票后， ...

10 June 2025 | 12:24AM BST GOAL Kickstart US exceptionalism - fundamental shifts and technical headwinds from Section 899 Last week both US Manufacturing and Services ISM came in below consensus, while NFPs growth slightly beat consensus (but still points to slowing US growth) and the unemployment rate remained flat. Key economic data releases this week will be US CPI and UofM reports. The ECB lowered the deposit rate by 25bps and downgraded its 2026 inflation projection to 1.6%. Yield curves flattened acro ...

10 June 2025 | 12:24AM BST Andrea Ferrario +44(20)7552-4353 | andrea.ferrario@gs.com Goldman Sachs International Christian Mueller-Glissmann, CFA GOAL Kickstart US exceptionalism - fundamental shifts and technical headwinds from Section 899 Last week both US Manufacturing and Services ISM came in below consensus, while NFPs growth slightly beat consensus (but still points to slowing US growth) and the unemployment rate remained flat. Key economic data releases this week will be US CPI and UofM reports. The ...

4 June 2025 | 5:01AM BST Strategy Espresso: Section 899 and European Equities: Navigating Risks, Unlocking Flows The "One Big Beautiful Bill Act" extends the 2017 tax cuts and introduces new tax and spending measures. While US equity markets may benefit in the short term — particularly from CAPEX and R&D — one of the most consequential provisions for global investors is Section 899. Section 899 introduces retaliatory tax measures against non-US individuals, corporations, and governments from countries that ...

Brent Donnelly June 3, 2025 Current Views Long PLN5 @ 1071 Stop loss 964 Take profit 1264 I like the spirit! But… New graphic designer needed. TINA is twitching US equities are outperforming. This doesn't mean USD can't go down, but tactics are key. Short USD is hard The USD has stalled again at the bottom of the range as US exceptionalism in equities has returned on the back of a MAG7 resurgence. This chart tells the story of the rebound in US stocks. QQQ is the NASDAQ ETF while ACWX is the MSCI All- World ...