Key Points Industry or Company Involved - **Municipal bond funds** in the United States Core Views and Arguments - **Net outflows** from municipal bond funds for the third consecutive week, totaling $878 million for the week ending December 25, 2024. - **Outflows driven by open-end funds** (-$1.0 billion), with significant outflows across Investment Grade (-$465 million), High Yield (-$414 million), and Long Duration (Long Term funds lost $747 million). - **ETFs posted modest inflows** of $160 million. - **Duration** was a key factor, with Long Term funds seeing the majority of outflows. - **Credit quality** also played a role, with Investment Grade funds experiencing the largest outflows. - **State-focused funds** saw negative flows, particularly in New York and California. Other Important Content - **YTD inflows** are now tracking slightly lower at +$40.5 billion (+$26.6 billion open-end funds/+$13.9 billion ETFs). - **HY municipal funds** have attracted 13% of their aggregate assets under management (AUM) from the beginning of the year, compared to just 3% for IG fund inflows relative to their AUM at the year's start. - **Market valuations** are calculated as the difference between the change in reported AUM and the week's reported fund flows. - **LSEG Lipper Global Fund Flows** data is used for analysis. References - [15] - [19] - [26] - [27] - [32]

As of December 27, the total market cap of the nine companies we cover was down 0.4% from end-November. Their market cap decline is halting in absolute value terms, but they underperformed TOPIX by 4.9ppt. We believe uncertainty over the 2025 business environment is holding sector companies back. Meanwhile, the most recent data point of note is that exports of both cosmetics and sanitary products rose markedly in November. In particular, hygiene product exports to China rose strongly YoY for the second mont ...

Source: Refinitiv Eikon Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 26 Dec 2024 close. Company-specific regulatory disclosures Additional disclosures required under the laws and regulations of jurisdictions other than the United States This research is for our clients only. Other than disclosures relating to Goldman Sachs, this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be r ...

Equity Research European Pharmaceuticals & Life Sciences 27 December 2024 Novo Nordisk Weekly US diabetes & obesity market tracker Implications for Novo in 4Q24: IQVIA data reported 7.60mn/0.78mn/2.69mn TRx for Ozempic/ Rybelsus and Wegovy, respectively, in 3Q24. Based on the weekly data QTD and conservatively assuming flat to 1% w/w growth for the balance of the quarter, we expect 4Q24 total written scripts to come in at ~7.64mn/ 0.75mn/ 2.90mn for Ozempic/Rybelsus/Wegovy (+0.5% /-3.7% / +7.8% growth q/q). ...

V i e w p o i n t | Fund Flow Insights CITI'S TAKE US$1.1bn outflow from EM funds — EM funds saw another week of outflow as US$1.3bn left China funds for the second week. GEM funds however enjoyed a small inflow of US$0.7bn. | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------|----------------|-------|-------|-------|------------------------------------| | Figure 1. Latest flows in DM and EM equ ...

Asia Pacific Equity Research 26 December 2024 J P M O R G A N We revise down our 1Q25 estimates for AVC to factor in the delayed shipment schedule of GB200 components. Our new estimates suggest 5% QoQ decline in 1Q25 (vs. Bloomberg consensus of +2% QoQ rev in 1Q25), given a smaller contribution liquid cooling products, as we now assume more meaningful shipments of GB200 components will be delayed at least until late 1Q25 (component-level schedule). For 2H25 and 2026, we remain positive and keep our estimate ...

J P M O R G A N Asia Pacific Equity Research 26 December 2024 See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Important Disclosures Th ...

27 Dec 2024 06:51:23 ET │ 10 pages 1,417 Games Approved in 2024; 122/13 Domestic/Imported Games in Dec; 2 Games Each for Tencent & NetEase | --- | --- | --- | |-------------------------------------------------------|-------|-------| | | | | | | | | | Alicia Yap, CFA AC +852-2501-2773 alicia.yap@citi.com | | | | Nelson Cheung +852-2501-2728 nelson.cheung@citi.com | | | Highlights from domestic game batch and amendment note – 109/11/1/1 mobile/cross-platform/PC/console games were approved, including: 1) Anant ...

Exhibit 6: ChiNext turnover (scaled to 0-100% based on the percentage away from its high and low levels since January 2014) vs. CSI 300 Exhibit 7: Equity futures turnover (vs. three months ago; scaled to 0-100% based on the percentage away from its high and low 300 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mar-14Oct-14May-15Dec-15Jul-16Feb-17Sep-17Apr-18Nov-18Jun-19Jan-20Aug-20Mar-21Oct-21May-22Dec-22Jul-23Feb-24Sep-24 RSI-30D* CSI300 (RHS) -60% -40% -20% 0% 20% 40% 60% 80% 100% Mar-14Sep-14Mar-15Sep-15Ma ...

Jan-06Oct-06Jul-07Apr-08 Jan-09Oct-09Jul-10Apr-11 Jan-12Oct-12Jul-13Apr-14 Jan-15Oct-15Jul-16Apr-17 Jan-18Oct-18Jul-19Apr-20 Jan-21Oct-21Jul-22Apr-23 Jan-24Oct-24 V i e w p o i n t | US REITs & Lodging Fund Flow Insights 26 December 2024 Citi Research Real Estate Fund Flows | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|--------|--------|----------|----------| | Figure 1. Breakdown of Weekly and 2024 Fund Flows ($ millions) \nUS Registe ...