External broker reports(aggregated public sources), ABN AMRO

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External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>Over the past few days, China’s purchasing managers’ indices (PMIs) for August have been published.</li><li>To start with the manufacturing side, one of the striking outcomes was the reappearance of the divergence between the two indices: the “official” manufacturing PMI published by NBS and Caixin’s equivalent.</li><li>The official version fell a bit deeper into contraction territory, to an eight-month low of 49.1 (July: 49.4, consensus: 49.5).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Over the past few days, China’s purchasing managers’ indices (PMIs) for August have been published.To start with the manufacturing side, one of the striking outcomes was the reappearance of the divergence between the two indices: the “official” manufacturing PMI published by NBS and Caixin’s equivalent.The official version fell a bit deeper into contraction territory, to an eight-month low of 49.1 (July: 49.4, consensus: 49.5).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China - August PMIs show economy stuck in low gear

<ul><li>The outcome of the US elections could have a large impact on the dollar and gold prices</li><li>If there is a Democratic Victory (partial or full) the impact on the dollar and gold prices would be limited</li><li>In case of a universal tariff under a Trump presidency, we would likely see a higher dollar and lower gold prices, while over the longer-term these moves would likely be reversed</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The outcome of the US elections could have a large impact on the dollar and gold pricesIf there is a Democratic Victory (partial or full) the impact on the dollar and gold prices would be limitedIn case of a universal tariff under a Trump presidency, we would likely see a higher dollar and lower gold prices, while over the longer-term these moves would likely be reversedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Strategist - What will the US elections bring for the US dollar and gold prices?

<ul><li>Covered bonds are a key funding source for banks, and mostly backed by mortgages</li><li>Although covered bonds are considered very safe instruments, they are still exposed to transition risks, given the assets backing them</li><li>Therefore, it is important to estimate the energy efficiency of the properties linked to the mortgages backing covered bonds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Covered bonds are a key funding source for banks, and mostly backed by mortgagesAlthough covered bonds are considered very safe instruments, they are still exposed to transition risks, given the assets backing themTherefore, it is important to estimate the energy efficiency of the properties linked to the mortgages backing covered bondsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ESG Strategist - Assessing the energy performance of European covered bonds

<ul><li>The eurozone is recovering, the US is cooling, and China is still weighed by the weak property sector</li><li>Big picture, the global economy is converging to more trend-like growth, and this remains our base case for late 2024 and into 2025</li><li>The recovery in global trade and industry has faltered recently, driven by a notable slowdown in the eurozone and especially Germany</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The eurozone is recovering, the US is cooling, and China is still weighed by the weak property sectorBig picture, the global economy is converging to more trend-like growth, and this remains our base case for late 2024 and into 2025The recovery in global trade and industry has faltered recently, driven by a notable slowdown in the eurozone and especially GermanyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Despite the rise of Harris in the polls, a Trump victory in the November election is still essentially 50-50</li><li>Trump’s most economically consequential plan is for a 10% universal tariff on all US imports</li><li>Eurozone industry is already struggling to recover from recent shocks</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite the rise of Harris in the polls, a Trump victory in the November election is still essentially 50-50Trump’s most economically consequential plan is for a 10% universal tariff on all US importsEurozone industry is already struggling to recover from recent shocksContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Monthly - What Trump tariffs would mean for Europe