External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.</li><li>But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.</li><li>The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 2%. </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.

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the 1.39 area as I feared could be the case; there was some underlying resilience in the CAD after all.But although the CAD has picked up ground against a soft USD this week, its 0.5% rise is the smallest among the major currencies.The sharp slide in crude oil seemed to pin back the CAD Thursday but a look at the currency performance league on the week shows the MXN, NOK and AUD in the top five, with gains of at least 2%. 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.

CAD Weekly Outlook - CAD Lags But Can Progress Against Softer USD

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Cross Asset Strategy

<ul><li>3Q23 results recap: growth recovered, but negative surprises prevailed</li><li>The market’s overall earnings improved in 3Q23 with operating profits growth rebounding to -4% yoy/+13% yoy ex-mining vs. 2Q23’s -6%/+11% yoy, hence driving 9M23 growth to -5% yoy/ +5% ex-mining (based on our coverage universe that has reported results).</li><li>While the 9M23 earnings were also broadly in-line with expectations (53%/ 43% of the companies’ results were in-line with our FY23F/the consensus), surprises skewed to the downside with 28%/ 34% missing (vs. 19%/23% beating estimates). </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.

3Q23 results recap: growth recovered, but negative surprises prevailedThe market’s overall earnings improved in 3Q23 with operating profits growth rebounding to -4% yoy/+13% yoy ex-mining vs. 2Q23’s -6%/+11% yoy, hence driving 9M23 growth to -5% yoy/ +5% ex-mining (based on our coverage universe that has reported results).While the 9M23 earnings were also broadly in-line with expectations (53%/ 43% of the companies’ results were in-line with our FY23F/the consensus), surprises skewed to the downside with 28%/ 34% missing (vs. 19%/23% beating estimates). 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.

Equity Strategy: 3Q23 EPS growth improved, expect more growth catalysts in 4Q23

<ul><li>FX Market Update—The Fed decision added little to the near-term rate outlook on the face of it.</li><li>The policy statement was barely changed at all from September’s but did give a nod to strong growth whilst acknowledging tighter financial (alongside credit) conditions.</li><li>Fed Chairman Powell played it straight at the press conference—not thinking about rate cuts, not confident that policy is restrictive enough and leaving the door open to more tightening. But markets were sniffing out whiffs of dovishness from the chairman— ”proceeding carefully” came up a lot and he did seem to put a bit of distance between where the FOMC is now and the September dots which implied one more hike. </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.

FX Market Update—The Fed decision added little to the near-term rate outlook on the face of it.The policy statement was barely changed at all from September’s but did give a nod to strong growth whilst acknowledging tighter financial (alongside credit) conditions.Fed Chairman Powell played it straight at the press conference—not thinking about rate cuts, not confident that policy is restrictive enough and leaving the door open to more tightening. But markets were sniffing out whiffs of dovishness from the chairman— ”proceeding carefully” came up a lot and he did seem to put a bit of distance between where the FOMC is now and the September dots which implied one more hike. 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.

FX Daily - USD Softer as Market Sees Fed Dovishness

<ul><li>FX Market Update—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major currency peers on the session.</li><li>Weak risk appetite seems to be driving broad USD gains though European stocks and US equity futures are off earlier session lows.</li><li>Soft US tech earnings last night are weighing on sentiment but the bounce in the USD seems to overstate the general mood in markets. </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.

FX Market Update—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major currency peers on the session.Weak risk appetite seems to be driving broad USD gains though European stocks and US equity futures are off earlier session lows.Soft US tech earnings last night are weighing on sentiment but the bounce in the USD seems to overstate the general mood in markets. 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.

FX Daily - USD Gains on Soft Risk Mood, CAD Soft Ahead of BoC

<ul><li>The CAD is ending the week slightly lower versus the USD. While this week’s data run has looked a bit soft, considering lower than expected the CPI data and today’s Retail Sales report, the broader tone of Canadian economic data continues to run a little warm— data reports are generally running a bit ahead of expectations.</li><li>And even with CPI easing a little in the September month, prices remain elevated and the risk of inflation getting stuck above target remains.</li><li>Factors driving the CAD have negatively shifted this week, however; correlations across a range of variables are strengthening but remain below statistically significant levels. </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 CAD is ending the week slightly lower versus the USD. While this week’s data run has looked a bit soft, considering lower than expected the CPI data and today’s Retail Sales report, the broader tone of Canadian economic data continues to run a little warm— data reports are generally running a bit ahead of expectations.And even with CPI easing a little in the September month, prices remain elevated and the risk of inflation getting stuck above target remains.Factors driving the CAD have negatively shifted this week, however; correlations across a range of variables are strengthening but remain below statistically significant levels. 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.

CAD Weekly Outlook - CAD Tone Remains Soft, Focus Turns to BoC

United States

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CAD Weekly Outlook - CAD Lags But Can Progress Against Softer USD

Just after I sent out last week’s note, the CAD started to show some signs of a revival against the USD and averted further losses to retest the...

Scotiabank

Equity Strategy: 3Q23 EPS growth improved, expect more growth catalysts in 4Q23

The market’s overall earnings improved in 3Q23 with operating profits growth rebounding to -4% yoy/+13% yoy ex-mining vs. 2Q23’s -6%/+11% yoy

BRI Danareksa Research

FX Daily - USD Softer as Market Sees Fed Dovishness

The policy statement was barely changed at all from September’s but did give a nod to strong growth whilst acknowledging tighter financial...

Scotiabank

FX Daily - USD Gains on Soft Risk Mood, CAD Soft Ahead of BoC

FX Market Update—After falling sharply at the start of the week, the USD is rebounding strongly and is trading higher against all its major...

Scotiabank

CAD Weekly Outlook - CAD Tone Remains Soft, Focus Turns to BoC

Factors driving the CAD have negatively shifted this week, however; correlations across a range of variables are strengthening but remain below...

Scotiabank

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