All attention this week will be on Jackson Hole, where the conference has been aptly titled “Reassessing the Effectiveness and Transmission of Monetary Policy.” We expect Chair Powell to hold forth on the medium-term strategy for the Fed, particularly the fact that sustained disinflation means that it can focus on sustaining the expansion while still getting back to the 2% target. The FOMC has...

End of weaker yen cycle may depress P/E multiples of domestic demand-oriented stocks. Investment theme remains polarization of consumption.

What are the key risks to the industrial-led growth model? How will the multipolar world affect sustainability of the model?

The recent sell-off of tech stocks presents a good entry point for select names, in our view, on still strong data points from local channels and as we anticipate accelerating earnings growth. We initiate on Isu Petasys, Hanmi Semi, and Leeno at OW.

We expect an effective mini-version of supply-side reform will start in 2025 - industrial investment and related credit growth will start to rationalize in 2025.

Day 1 Chapters: Day 1 0:00:01 | Opening Remarks: Vishy Tirupattur - Chief Fixed Income Strategist 0:11:35 | US Rates 101: Guneet Dhingra - Head of US Rates Strategy 1:35:24 | Introduction to US TIPS: Francesco Grechi - US Rates Strategist 3:35:15 | Following the Money – US Money Markets: Martin Tobias - US Rates Strategist 4:41:05 | Futures Basics – and Futures Basis: Eli Carter - US Rates...

Post-privatization, and backed by a high-quality reference shareholder, SBSP is positioned to focus on executing cost efficiencies & its ambitious investment plan to drive further stock re-rating. Raising PT to R$128/sh., and making SBSP3 our new Top Pick, on attractive risk-reward & ESG profiles.

What's the total cost of supporting the current path of industrial upgrades? Is that sustainable? Will this lead to a downward spiral that would be much more costly for China to get out of?