February 21, 2025 05:37 AM GMT Enterprise Storage | North America CQ4 Storage Preview: Few Multiple Expansion Catalysts Into Storage Prints Our checks and survey results point to a healthier storage spend environment, although we are hesitant on any meaningful acceleration. Most cautious PSTG into print on FY26 guide risk. NTNX our preference for LT time horizon, but see little catalysts into print. Key Takeaways Healthier spend environment, although we lean cautious on any meaningful acceleration. Checks a ...

21 February 2025 | 2:31PM HKT Source: Wind, Goldman Sachs Global Investment Research Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang China Economic Activity and Policy Tracker: February 21 (Song) In this note, we update four sets of high frequency indicators that we track: 1) consumption and mobility; 2) production and investment; 3) other macro activity; and 4) markets and policy. We publish o ...

February 21, 2025 01:39 AM GMT China Materials | Asia Pacific Morgan Stanley Asia Limited+ Korea Imposes 28-38% Tariff on Chinese Steel Plates What's new: On Feb 20, Korea's Ministry of Trade, Industry and Energy (MOTIE) announced preliminary anti dumping duties of 27.91%-38.02% on steel plates imported from China. Our view: We think the tariff on steel plate alone is not material, as steel plates exports (~1.47mnt in 2024) to Korea make up only ~1.3% of total China steel exports. Meanwhile, Korea is an imp ...

J P M O R G A N Global Emerging Markets Research 21 February 2025 EM Flows Weekly Turning the tide? EM bond funds see the largest inflow since early October EM Flows Weekly includes fund flow data, non-resident EM portfolio flow data, weekly retail fund flow models, EM-dedicated retail bond fund beta trackers, and historical cross-asset fund flows. – Within local currency, EM ex-China saw inflows of +$146mn (from + $60mn), and China-focused funds saw outflows of -$57mn (from -$274mn). – Within hard currency ...

February 21, 2025 03:50 AM GMT Investor Presentation | Asia Pacific M Foundation Taiwan – Financials We believe cash dividend yield remains the key focus in 1H25, Industry View Attractive and insurers and securities have competitive dividend yields compared to banks. Higher long-term rates and the FSC's localized measure should also help insurers implement IFRS 17 and ICS smoothly and deliver higher ICS ratios in 2026. Key stock calls: Cathay (2882.TW; OW): Higher dividend yield for 2024 with improving recu ...

Foundation M Meet the new boss, same as the old boss U.S. Economics | North America History may not repeat, but it should rhyme: what the 2018-19 tariffs can tell us about tariffs today The 2018-19 tariffs caused manufacturing output to fall after a delay. This time around, the hit to growth could materialize faster. Either way, we think the Fed will be inclined to ease in support of activity so long as inflation pressures prove temporary, as we expect. Key Takeaways | M February 21, 2025 06:00 AM GMT Histo ...

Deutsche Bank Research Asia Economics Asia Macro Insight 22 February 2025 Date Calm before the storm Despite US tariff threats, which prompted many of Asia's authorities to seek a deal with the US (with the exception of China), local markets remained relatively resilient, especially in the absence of aggressive follow-up actions against China. That said, we strike a note of caution, given that the US's comprehensive review and remedial action plan is not scheduled to be completed until April 1. While there ...

21 February 2025 Equity Research Report 360 Security Technology (601360 CH) Upgrade to Hold: AI monetisation accelerates AI monetisation fully priced in. We previously pointed out that the company's AI businesses were still at an early stage, while we underestimated the pace of its AI development, with the fast-growing AI search and office businesses seeing a surge in the number of users. We expect AI businesses to significantly contribute to earnings growth, and we thus raise our 2026 EPS estimate by 25% a ...

February 21, 2025 09:20 AM GMT Chinese Airports | Asia Pacific Consumption Slump in the Price; Await Catalysts We expect consumption pressure will continue to weigh on Chinese airports' earnings recovery in 2025. However, we think soft consumption is largely in the price. We await catalysts. Key Takeaways Duty-free spending is soft; we also think air traffic and air cargo volume growth are at risk... We remain guarded toward China's 2025 consumption outlook, considering soft GDP growth amid tariffs and pers ...

V i e w p o i n t | 20 Feb 2025 22:09:31 ET │ 30 pages Fund Flow Insights Inflows Return to DM Equity Funds CITI'S TAKE US$16.8bn inflows into equity funds — In the week ended 19 Feb, bond funds saw US$16.2bn of inflows and equity funds enjoyed a return of US$16.8bn. Most of the inflows went into US ETFs, which led to US$12.9bn of unit creation, while Global ETFs saw US$6.4bn. Even European funds had a second week of inflows, as their ETFs recorded US$5.2bn of unit creation. Most funds performed positively ...