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30 September 2024 | 2:19PM HKT _ China: PBOC reiterated its commitment to enhancing monetary policy easing at Q3 MPC meeting | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------| | Bottom line: | Xinquan Chen +852-2978-2418 \| | | The ...

_ 25 September 2024 | 11:43PM EDT Natural Gas Front-loaded production to back-load $4 Henry Hub n US gas markets continue to approach the turning point where gas prices will, in our view, switch from incentivizing producer discipline below $3/mmBtu, as seen all this year, into incentivizing higher drilling, at $3.75-$4.00/mmBtu. However, we now think that such a Henry Hub rally will be delayed into late 2025, vs our previous expectation of early Sum25, driven by a combination of (1) front-loaded Haynesville ...

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_ 28 September 2024 | 1:01AM HKT Global Economics Wrap-Up: September 27, 2024 | --- | --- | --- | --- | |-------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------| | | | | | | | Global | Economics | Andrew Tilton +852-2978-1802 \| andrew.tilton@gs.com | | n | Central o | bank pivots to sequential cuts: We rev ...

26 September 2024 | 11:25PM HKT _ Anta Sports Products (2020.HK): Consumer Discretionary Tour Takeaways: Super Anta store tour with management; Buy (on CL) Post our China Conference 2024, as part of our on-site Consumer Discretionary Tour on Sep 23-26, we visited a Super Anta store in Longgang Universiade Center in the suburb of Shenzhen, and met Mr. Tsui Yeung (CEO of the Performance Sports Group which mainly incl Anta core brand), Mrs. Suki Wong (Senior ESG and IR Director) and the IR team. Key takeaways: ...

3 October 2024 | 5:04PM BST _ Ferrous Tracker: Stimulus Announcements Provide Near-Term Price Support, But Currently Higher Prices May Widen Surplus n The iron ore 62%Fe index hit $108/t on Monday (30 September) as China entered the Golden Week holiday, up 21% from the beginning of last week. Multiple China stimulus announcements have driven the financial rally, with aggregate open interest on iron ore and China steel markets (previously very short) falling substantially in recent weeks. n For now, the stim ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the natural gas industry, particularly the implications of geopolitical tensions in the Middle East on gas production and pricing in Europe [2][3]. Core Insights and Arguments - **Israeli Gas Production Risks**: The potential disruption of gas production from Israel's Leviathan and Tamar fields poses an upside risk to TTF (Title Transfer Facility) prices this winter. These fields contribute approximately 22 Bcm/y, which is about 3.9% of global LNG supply [2][3]. - **Impact of Regional Tensions**: Although operations at the gas fields have resumed, ongoing regional tensions could lead to renewed production disruptions. A sustained disruption could tighten global markets by approximately 9 Bcm/y, equating to 1.7% of global LNG supply [2]. - **European Market Vulnerability**: The moderate scale of potential market tightening increases the vulnerability of European markets to price spikes, especially if colder-than-average weather occurs [2]. - **Russian Gas Flow Outlook**: The market anticipates a halt of Russian gas flows through Ukraine by year-end, which has already contributed to a 5% increase in European gas prices, reaching over 38 EUR/MWh [3]. The consensus remains that without a deal, flows will cease, impacting future price forecasts [3]. - **Price Forecast Adjustments**: Should a deal be reached to maintain gas flows, there could be a downside of 4 to 8 EUR/MWh to the current price forecasts of 40/33 EUR/MWh for the winter of 2024-2025 [3]. Additional Important Content - **Gas-to-Oil Switching Economics**: The current economics for switching from gas to oil are in the range of 59-74 EUR/MWh, indicating a potential shift in energy sourcing depending on price movements [3]. - **Market Recovery**: TTF forwards had already recovered from previous downturns related to geopolitical events before the recent tensions, suggesting a resilient market outlook [5]. This summary encapsulates the critical insights from the conference call, highlighting the interplay between geopolitical risks and market dynamics in the natural gas sector.

Takuho Morimoto (81-3) 6736-6682 takuho.morimoto@jpmorgan.com Japan Economic Research Benjamin Shatil (81-3) 6736-1730 benjamin.shatil@jpmorgan.com JPMorgan Securities Japan Co., Ltd. Ayako Fujita (81-3) 6736-1172 ayako.fujita@jpmorgan.com Japan • BoJ stands pat as expected • Ueda's comments continue to emphasize gradual approach to future hikes • August export volumes rise on tech cycle support • Next week: Tokyo underlying core CPI to firm in Sep; PMI turns up The BoJ kept the policy rate unchanged at 0.2 ...

M Update Enterprise Storage | North America September 24, 2024 04:01 AM GMT Telecom & Networking Equipment North America Industry View In-Line IT Hardware North America Industry View In-Line CQ2 Storage Market Data Update CQ2 Storage Market update shows stronger external storage growth (+10% Y/Y) and AFA growth (+23% Y/Y), which was largely not seen in CQ2 company results for our coverage. Data most positive for NTAP (of names in our coverage), reflecting success of new product releases. Key Takeaways CQ2 e ...