Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-08-21Macro

Gold price: upend-2026

J.P. Morgan·2026-08-21Macro

China general budget expenditure growth YTD: Ministry of FinanceJul-2026

UBS·2026-08-21Sector

002371.SZ688012.SHChina semiconductor equipment·NeutralChina SPE imports: China customs (UBS)Jul-2026

HSBC·2026-08-21Thematic

Solar·Neutral

Morgan Stanley·2026-08-21Sector

GEELY1316.HK3606.HK600066.SHHSAIChina autos·Neutral

Morgan Stanley·2026-08-21Macro

US unemployment rate: MS forecastDec-2026

Goldman Sachs·2026-08-21Macro

Morgan Stanley·2026-08-21Macro

German Bunds·OverweightItalian BTPs·Neutral

Goldman Sachs·2026-08-21Strategy

BA COF MA TMO VUS Financials·Overweight

Goldman Sachs·2026-08-21Macro

DM composite flash PMI: S&P GlobalAug-2026Euro area manufacturing flash PMI: S&P GlobalAug-2026

Goldman Sachs·2026-08-21Macro

Agency MBS lower coupons·Neutral

Goldman Sachs·2026-08-21Sector

EME.USFIXLGN.USUS data center construction·OverweightUS data center construction spending: up2026

Goldman Sachs·2026-08-21Macro

China real GDP growth: down3Q26

Goldman Sachs·2026-08-21Macro

USD·UnderweightTRY·OverweightUSD/TRY: GS forecast12m

BofA Securities·2026-08-21Sector

Semiconductor equipment·NeutralChina semiconductor equipment imports: China customsJul-2026

Bernstein·2026-08-21Sector

ABNB BKNGEXPE.USTRIP.USOnline travel agencies·Neutral

Bernstein·2026-08-21Sector

SKHYNIX SMSN KIOXIA MUMemory·Overweight

Bernstein·2026-08-21Thematic

1093.HKSBP1801.HK3692.HK600276.SH6990.HKAKESO MRK MRNAONC.USPersonalised cancer vaccines·Overweight

Goldman Sachs·2026-08-21Sector

KAP.LUEC

Goldman Sachs·2026-08-21Strategy

Japan banks·OverweightCross-shareholding unwind·Overweight

Research: Broker notes on sectors, macro, rates and strategy

Precious Comment: Gold: Renewed Elevated Call Option Demand Raises Volatility and Upside Price Risk

China: Fiscal spending slowed even as revenue accelerated Catch-up in fiscal execution is key

China Semi Equipment: Import demand remained divergent in China, while Japan recovered export market share

Paying for protection : Solar costs and the speed of transition

China Autos & Shared Mobility: Beats Behind, Margins Ahead

US Economics Weekly: Recent declines in labor force participation

Global Markets Daily: Jackson Hole: Roadmap 2026

Why Bund Yields Are Making New Highs And What's Next

US WEEKLY KICKSTART: Hedge funds and mutual funds differ on AI but converge on Financials

Global PMI Monitor: Manufacturing Employment Rises in Europe

MORTGAGE & STRUCTURED PRODUCTS TRADER: Rate sensitivity in focus

AMERICAS ENGINEERING & CONSTRUCTION GS Data Center Construction Spending Tracker: Texas leads, new markets emerge

CHINA MATTERS: From Weak to Weaker

GLOBAL FX TRADER: Tinker Taylor Holder Why

Global Semiconductors: China Semicap Import Tracker -July 2026 down 2% yoy

Global Hotels & Leisure OTAs: A Primer on Online Travel in 2026

Korea Memory Export Tracker (Jul): Samsung continued ramping HBM4, but SK hynix delayed by Rubin?

Weekend Healthcare Pulse: understanding Merck Moderna's breakthrough-what INTs are and the potential (and challenges) ahead

Americas Uranium: Read-across from Kazatomprom 1H26 results and 2026 production guidance

JAPAN WEEKLY KICKSTART: Keeping up with the Japanese indices; cross-shareholding unwind momentum remains strong