Morgan Stanley believes the weakening of the renminbi is a macroeconomic equilibrium outcome of the widening savings-investment gap following the bursting of the housing bubble, and that forcing nominal appreciation would bring a deflationary shock; policymakers will continue to adopt gradualism to achieve structural rebalancing.

JPMorgan notes that China is entering a phase of fragile stabilization, with 8 month industrial production supported by high-tech and exports rising 0.4% month-on-month, but retail sales increasing only 0.1% and fixed asset investment falling 9.8% year-on-year, indicating a narrow recovery base.

JPMorgan expects 8 month CPI to rise 0.8% year-on-year and PPI to rise 3.6% year-on-year, mainly driven by vegetables and upstream commodities, representing cost-push rather than demand-driven reflation, with full-year CPI expected at about 0.8%.

Goldman Sachs expects China's 8 month export year-on-year growth to rise to 26.0%, imports to accelerate to 32.6%, and the trade surplus to reach 1127 hundred million dollars, with the AI capital expenditure boom continuing to support tech-related nominal imports.

Morgan Stanley expects approximately 2 trillion yuan in unused fiscal resources to be deployed more quickly, with policy focus on raising household incomes and strengthening social security; officials' tolerance for 2026 real GDP growth being at the lower end of the 4.5-5% target range is higher than market expectations.

JPMorgan believes accelerating fiscal execution is the main lever for broadening the recovery base, but if implementation is delayed or multipliers weaken, some policy impetus may be pushed back to early 2027.

Goldman Sachs expects 8 month new RMB loans to be only 3000 hundred million yuan, with relatively low commercial bill discount rates indicating corporate loan demand remains weak and the transmission from loose money to loose credit is obstructed.

Bank of America expects the Federal Reserve to cumulatively raise rates by 75 basis points in 2026, bringing the policy rate to 4.25%-4.50%, as core PCE will remain above 3% this year and diminishing downside risks in the labor market prompt a more hawkish stance.

Morgan Stanley interprets Chair Warsh's hawkish speech as preserving policy optionality rather than forward guidance for initiating rate hikes, expecting 8 month core CPI to be 0.23% month-on-month, and noting that annual PCE revisions may revise core PCE growth down to about 3.1%.

Goldman Sachs notes that global yields are near recent highs, with its preferred strategy being US 5s10s SOFR steepeners; in Europe it favors going long the curve belly and Bunds, but has reduced its conviction in UK Gilts.

Bank of America notes that the global bond sell-off has intensified over the past two weeks, with most developed market long-end yields at multi-decade highs; in the US it prefers 5s30s steepeners and maintains a long position in 5-year bonds, expecting the ECB to raise rates by 25bp in 9 month but unlikely to be more hawkish than market pricing.

JPMorgan believes market expectations for BOJ rate hikes are overpriced, and the probability of USD/JPY breaking below 155 currently is not high, but estimates the market still holds about 16-17 trillion yen in short positions, whose unwinding could trigger sharp volatility.

Bank of America expects the BOJ to accelerate tightening to 2% by 7 month 2027, recommending ignoring negative carry to go short USD/JPY at 159.70; it also expects the RBA to raise rates by 25bp in 9 month and recommends going long AUD/SGD.

Goldman Sachs believes the case for tactically going long the yen has strengthened, recommending going short EUR/AUD by treating the euro as a funding currency, and going long INR/IDR and short SGD/CNH to reflect intra-Asia fundamental differences.

Morgan Stanley believes the oil market has tightened significantly again, with Brent and WTI rising over 30% since early 7 month and returning to the 90-dollar range; global visible oil inventories have cumulatively declined by 5.6 hundred million barrels, and the US SPR has fallen to its lowest level since 1984.

Morgan Stanley notes that US Gulf Coast refining margins have more than doubled, with pure-play refining stocks up over 80% while integrated oil companies rose only about 20%; it favors the relative value of XOM, SU, and CVE, and under a 75-dollar WTI assumption expects the coverage universe's 2027-year average FCF yield to be 10%.

Morgan Stanley lists MP Materials as its top pick for participating in the US building of an integrated domestic critical raw materials supply chain, assigning an Overweight rating and a 73-dollar target price; the US government has announced approximately 30 hundred million dollars in funding support to alleviate record import dependence.

Morgan Stanley notes that several Chinese rare earth suppliers have stopped shipping to certain US companies, and Beijing is using export controls as a more aggressive lever; similar news is expected to continue ahead of the US-China talks on 24 month 9 day.

Goldman Sachs expects the MSCI EM rally to continue through year-end and broaden beyond tech, maintaining its 12-month target of 2,000; MXEF's forward P/E is only 9.7x, and this year's earnings growth forecast has been raised to 65%.

Goldman Sachs raises its MXAPJ 12-month target to 1,120, with CY2Q earnings up 102% year-on-year; it prefers North Asia and is overweight Korea, China A-shares, Taiwan, and Japan, focusing on AI infrastructure and power themes.

Goldman Sachs tracking data shows EM Asia ex-China recorded 47 hundred million dollars in foreign outflows for the week, mainly driven by Taiwan and Korea, but hedge funds' net Asia allocation remains at the 95th percentile of the past five years, with continued inflows via Southbound Connect and GEM funds.

Goldman Sachs notes the KOSPI fell 1.5% for the week with net selling by both foreign institutions and individuals, but Korean valuations remain low relative to regional peers, with MXKR's NTM P/E discount versus MSCI AC World at 73%.

Goldman Sachs maintains its TOPIX target of 4,600 for the next 12 months; foreign investors and corporates are the largest net buyers of Japanese stocks, with cumulative buyback amounts already exceeding the full-year 2025 total.

Goldman Sachs notes that in the week ended 2 month 9 day, inflows into global equity funds slowed to 30 hundred million dollars, while fixed income fund inflows reached 186 hundred million dollars; continued outflows from US equities and the tech sector suggest previously crowded trades are unwinding.

JPMorgan notes that Chinese automakers' overseas passenger car share reached 8.2% in 26M7, with 26M7 exports up 72.5% year-on-year; the assessment focus has shifted from pure export volumes to local registrations, inventory, and profitability.

Morgan Stanley expects China's domestic passenger car wholesale sales to decline 19% in 2026, but exports to grow 54% to 930 ten thousand units; NEV export volume is expected to rise 95% year-on-year to 490 ten thousand units, accounting for 53% of total exports.

JPMorgan emphasizes electrification as a core advantage, with Chinese automakers holding over 40% of the overseas PHEV market and about 23% of BEVs; Geely and others are expanding HEV layouts to compensate for charging shortcomings in specific markets.

JPMorgan believes the next phase favors companies that can convert share into profit through local manufacturing and supply chains; BYD and Great Wall have already shifted to local production in Brazil, and BYD's European NEV share has risen to 7.5%.

JPMorgan cautions that incentives under the EU's Industrial Acceleration Act may be linked to localization content, trade remedy risks targeting PHEVs rise from 2027 onward, and China's export VAT rebates may be reduced.

Morgan Stanley expects Chinese brands to dominate the domestic market with over 70% share, as the industry shifts from price competition to value-driven differentiation, and L3 autonomous driving commercialization and Robotaxi deployment will accelerate.

Goldman Sachs expects Weichai Power's AIDC power generation business to grow about 10 times by 2028E, with earnings contribution rising to over 50% of total earnings; using SOTP valuation it derives an H-share target price of 55 Hong Kong dollars and maintains a Buy rating.

Morgan Stanley expects Oracle's F1Q27 total cloud business revenue to approach 63.3% year-on-year, with GPUaaS capacity monetization and improved peer pricing supporting an approximately 20% increase in its FY28 non-GAAP EPS to 9.94 dollars, and raising the target price to 210 dollars.

Goldman Sachs confirmed equipment market strength at Semicon Taiwan, with TSMC expecting 2026 equipment procurement to expand to 1.9 times the outlook at the end of 2025, and Tokyo Electron's prober demand expected to double in 2026.

Citi notes Elite Material's customers are expanding PCB capacity faster than CCL suppliers, with M9 already in mass production in 26H2; setting an NT$6,000 target price at 30x 2027E average EPS and maintaining a Buy rating.

Citi emphasizes that Yageo's 7 month price hikes have expanded to cover spot customers representing about 50% of revenue, with tantalum capacitors becoming the largest product line and AI revenue accounting for 16% of total revenue; setting an NT$1,450 target price at 35x target P/E.

Goldman Sachs notes improving visibility for OSAT equipment demand entering 2027, with GPTC holding over 90% share among OSAT customers, Hon Precision holding over 90% share in AI/HPC test handler markets and large-package ASPs 20-25% higher.

Goldman Sachs believes CPO-related equipment is approaching mass production by end-2026; MPI Corp showcased a fully automated CPO prober, All Ring Tech has a proprietary six-axis active alignment module, and Hermes expects to have 20-30 units per month capacity ready by 27Q1.

Goldman Sachs expects the global optical transceiver market to reach 730 hundred million dollars in 2027E, with CIG targeting annual production of no less than 600 ten thousand units by year-end and its Vietnam base already validated, though tight supply of lasers and DSP chips constrains volume ramp-up.

Goldman Sachs notes Sinocera's traditional MLCC powder is running at full capacity, with gross margins for new AI-oriented products exceeding 50%, and it is the only PTFE spherical silica powder supplier to pass testing; however, it maintains a Neutral rating as the stock price has already priced in the potential.

Goldman Sachs believes A-share data center companies' 26Q2 results were constrained by slower domestic chip ramp-up, but AIDC demand remains strong in 26H2; Range Intelligent is the top pick, while Beijing Sinnet is operationally the weakest and maintained at Sell.

Morgan Stanley notes ADLT eligibility provides high initial Medicare rates for innovative tests; Guardant Health's G360 potential initial list price of 8455 dollars could bring about 20% incremental revenue in 2027 H1, and Tempus AI's unified ADLT pricing is expected to add about 8500 ten thousand dollars in revenue in 2027.

Morgan Stanley believes the DRG/DIP 3.0 guidelines deepen payment system reform by establishing independent groupings for robot-assisted surgery and innovative interventions, broadly benefiting innovative Chinese medical device companies such as Edge Medical and APT Medical.

Goldman Sachs believes globalization is the clearest differentiator in China's healthcare sector, with Angelalign's overseas revenue up 65% year-on-year and MicroTech Medical achieving a strong turnaround, while domestically focused companies still face VBP pricing pressure.

Goldman Sachs notes China's retail pharmacy industry saw a clear inflection point in 26H1, with the total number of stores turning positive year-on-year; leading chains will outperform the industry by consolidating smaller pharmacies, with same-store growth attributed to innovative drugs such as GLP-1 and non-drug category demand.

Bernstein noted that the OBBBA will reduce Medicaid enrollment by approximately 1000 million, and the expiration of enhanced ACA Marketplace subsidies will push premiums higher; if Democrats win the House they may push to scale back the cuts, benefiting MCOs such as Molina and Centene.

Nomura's research found that computing power and real-world machine data have become constraints on the development of embodied intelligence in China; Huayan Robotics guided humanoid robot-related revenue of RMB 2-3 billion for next year, and Everwin Precision's capacity will expand more than 5 times within 4 quarters.

Goldman Sachs noted that Minth Group has obtained exclusive qualification for a U.S. customer's humanoid robot face mask, with planned pricing of RMB 15-20 ten thousand significantly below peers, and its stake in UATC has already secured formal liquid cooling orders, but it maintained a Neutral rating due to slowing growth in the core business.

Goldman Sachs believes automation demand is extending from lithium batteries to 3C and semiconductors; Estun's European gross margin reaches 50-60% and it plans assembly in Poland, Shuanghuan's overseas shipments should exceed 100 ten thousand units this year, and Lead Intelligent's order visibility extends into 2027.

JPMorgan noted that Sany Heavy Industry's overseas markets remain the main growth engine, with 1H26 overseas revenue up 21.8% YoY accounting for 61% of sales; even facing a 50% tariff, the U.S. business is close to breakeven, and mining and electrification are long-term strategic priorities.

Morgan Stanley expects Tesla to begin offering Cybercab ride services to the public in Austin, with unsupervised robotaxi cumulative mileage already exceeding 100 million miles; it maintained a target price of USD 400, with network services and the mobility platform accounting for the vast majority of the valuation.

Morgan Stanley's channel checks show European summer luxury transactions improved modestly sequentially, Chanel was seen as the clearest winner, VIC spending remained resilient, while Vuitton received the weakest feedback; Gucci and Burberry are responding to shifting demand by lowering entry prices.

Citi credit card data show that in 8 month total U.S. luxury brand spending fell 4% YoY, with transaction volume down 10% but average ticket maintaining mid-to-high single-digit growth, indicating price resilience remains but demand volume is weak; Tapestry faces risk due to its high U.S. exposure.

Citi believes global luxury sales in 2Q26 rose about 6% at constant currency, and over the past month FY26E/FY27E EBIT consensus estimates were revised upward for the first time; the industry's FY27E P/E is about 19x, a discount of 10-15% to the historical average, improving the risk-reward ratio.

Bernstein noted that China's smartphone sales in 7 month fell 17% YoY, with low-end phone shipments down 44% while mid-range rose 6%; high memory costs are forcing OEMs to cut low-priced models, and full-year 2026 market is expected to decline 15% YoY.

Bernstein noted Huawei's shipments in 7 month rose 24% YoY, widening its share lead over Apple, though its flagship platform lags behind EUV technology; Xiaomi shipments fell 26%, and MediaTek gained an Outperform rating as its rising mid-range share drove mix improvement.

Goldman Sachs raised its 2026 STOXX Europe EPS growth forecast to 15%, with FCF yield of 5.3% significantly above the S&P 500, but rising bond yields are the primary risk, and French political uncertainty has pushed the OAT-Bund spread to a ten-year high; it prefers German stocks.

Goldman Sachs expects the European digital infrastructure industry's free cash flow growth CAGR from 2026 to 30 to be 14%, with net debt/EBITDA falling to 2.0x; it upgraded Vodafone from Sell to Buy and downgraded Cellnex to Sell.

Bernstein proposed that global agriculture is entering a phase more favorable to input spending; policy catalysts could require corn and soybeans each to add more than 1200 ten thousand acres of planted area, and with unchanged supply prices could rise 47% and 51% respectively; it prefers chemicals and fertilizers such as BASF over machinery.

Barclays noted that alternative asset managers have strong deployment activity generating transaction fees, but the exit environment is constrained; private credit is in an early refinancing cycle, wealth management channel conditions are improving, and traditional asset managers are seeking scale effects through M&A.

Barclays believes retail trading remains the main driver for exchanges, and extended trading hours may promote liquidity; tokenization and prediction markets are unlikely to disrupt existing market structures in the near term, and following ICE's acquisition of MarketAxess, Tradeweb may benefit during the transition period.

Goldman Sachs noted that China Merchants Bank's 2Q26 PPOP beat expectations by 5%, mainly from fee and investment income, but provision expenses rose 22% YoY eroding net profit; the retail NPL ratio is still trending upward, and management lowered loan growth guidance from 7% to about 5%.

Goldman Sachs' current activity indicators show Asia-Pacific growth remained solid in 8 month, with tech exports continuing to beat expectations tripling East Asia's goods trade surplus over five years, but India's manufacturing PMI fell to a five-year low, and financial conditions across economies are diverging.

JPMorgan believes SpaceX's direct-to-device layout has limited short-term impact on the three major U.S. carriers, macro sites remain indispensable, and spectrum demand is expected to stay strong; AT&T and T-Mobile are listed as top picks thanks to pricing discipline and fiber expansion, while cable TV faces structural pressure.