_ 30 September 2024 | 4:09PM BST Precious Analyst Nowcasting 'Secret' Gold Buyers; Raising our Gold Price Forecast n We raise our gold price forecast from $2,700/toz to $2,900/toz for early 2025 for two reasons. First, our economists now look for faster declines in short-term interest rates in the West and China, and we recently showed that the gold market doesn't fully price in the rates boost to Western ETF holdings backed by physical gold yet, which tends to be gradual. Second, our new nowcast shows that ...

27 September 2024 | 4:06PM EDT _ Americas Technology: Internet: Updating Our Top 10 Industry Themes & Key Coverage Sub-Sector Debates As we enter the last quarter of 2024, we take the opportunity to refresh our top 10 Internet industry themes for the next 12 months. While we refresh our themes with industry data around end demand trends, forward forecasts and key learnings from Q2'24 (link) and our recently concluded 2024 Communacopia +Technology Conference (link), we make no changes to the actual underlyin ...

29 September 2024 | 6:12PM HKT _ Greater China Semis: August: IC production +18% YoY; IC import volume +15% YoY | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------| | | Allen Chang +852-2978-2930 \| allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. | | | Verena Je ...

26 September 2024 | 7:57AM HKT _ China eCommerce: Internet Trip expert session takeaways: Focuses on de-minimis exemption changes; ecosystem of Temu with its merchants We hosted an expert session on cross-border eCommerce with investors on Sep 25 as part of our China Internet Trip, where we invited Mr. Jiale Wang, General Manager of China Region at Acquco (an eCommerce merchant) to share his thoughts on Temu. Key topics discussed include 1) Potential impact from the changes in the de-minimis exemption on cr ...

27 September 2024 | 11:55AM BST _ Ferrous Tracker: Iron Ore Rallies On Stimulus Announcements, But Fundamentals Remain Bearish | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------| | | | | The 62%Fe iron ore index has ...

1 October 2024 | 11:52AM EDT _ USA: Job Openings Above Expectations; ISM Manufacturing Index and Construction Spending Slightly Below Consensus Expectations | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------- ...

30 September 2024 | 11:09AM HKT _ China: NBS manufacturing PMI rose while Caixin manufacturing PMI fell in September | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the **Middle East** geopolitical situation, particularly focusing on **Israel** and **Iran** relations, as well as the **Chinese economy** and its stimulus measures. Core Points and Arguments Middle East Geopolitics 1. **Escalation of Conflict**: The situation in the Middle East has deteriorated significantly, with Israel engaged in heavy fighting with Hizbullah and Iran launching missile attacks in response to Israeli actions. This has led to a humanitarian crisis with over 1 million displaced individuals in Lebanon [26][28]. 2. **Iran's Military Actions**: Iran's recent missile strike involved around 180 ballistic missiles aimed at Israel, indicating a significant escalation in military tensions. Most missiles were intercepted, but the attack reflects Iran's response to the perceived humiliation of its proxy, Hizbullah [26][28]. 3. **Israel's Military Strategy**: Israel's military operations have been characterized by targeted strikes against Hizbullah's leadership and military capabilities, which has raised concerns about potential overreach and the risks of a full-scale invasion of Lebanon [26][28]. 4. **Long-term Security Concerns**: The discussion emphasizes that a single decisive military action against Iran is unlikely to resolve the underlying security threats. Instead, sustained deterrence and diplomatic efforts are necessary to manage Iran's influence in the region [27][28]. Chinese Economic Stimulus 1. **Recent Policy Changes**: Chinese policymakers have shifted towards more aggressive economic stimulus measures after a prolonged period of half-hearted responses to economic challenges, including deflation and a declining property market [29][30]. 2. **Market Reactions**: Following the announcement of stimulus measures, Chinese stock markets experienced significant gains, with the CSI 300 index rising by 25% over five days, marking the largest increase since 2008 [17][29]. 3. **Need for Further Action**: Despite the positive market response, analysts argue that the current stimulus measures are insufficient to fully revive the economy. A more substantial stimulus package of 7 trillion to 10 trillion yuan (approximately $1 trillion to $1.4 trillion) is deemed necessary to escape the deflationary trap [29][30]. 4. **Global Implications**: The nature of the stimulus is expected to differ from past efforts, focusing more on consumer spending rather than infrastructure, which may have varied effects on global commodity markets and international trade dynamics [29][30]. Other Important but Possibly Overlooked Content 1. **Humanitarian Impact**: The ongoing conflict in the Middle East has resulted in significant civilian casualties and displacement, raising urgent humanitarian concerns that may affect international relations and aid responses [26][28]. 2. **Political Dynamics in Japan**: The appointment of Ishiba Shigeru as Japan's new prime minister is noted, highlighting his potential to influence Japan's diplomatic and defense policies amidst regional tensions, particularly with China and North Korea [31][36]. 3. **Antitrust Issues in the Tech Sector**: The ongoing antitrust case against Google is mentioned, with implications for how tech monopolies are regulated and the potential impact on competition in the digital marketplace [39][40]. This summary encapsulates the critical discussions and insights from the conference call, focusing on geopolitical tensions in the Middle East and economic developments in China, while also touching on broader implications for global markets and political landscapes.

30 September 2024 | 1:20AM HKT _ Navigating China Internet Lifting eCommerce on room for further re-rating; refreshing mega-cap TPs and our top ideas We lift our preference for eCommerce to within our top-two most-preferred sub-sectors alongside games (Tencent, on CL) within China Internet on the back of stronger-than-expected government pro-growth/easing policies, signs of a normalizing eCommerce market landscape where incumbent players have broadly stabilized their eCommerce market share in recent months, ...

27 September 2024 | 5:55PM BST _ | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | | | | | EM Weekly Fund Flows Monitor Foreign buying l ...