U.S. Inflation Expectations During the Pandemic
–Release of pent-up demand as expected
TSF & CPI Missed Expectations,Property Demand Weakened
Expect solid 2023E earnings; Higher free float to boost valuation
Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect
China Property Fatigue about easing expectation
Semi: Global foundry sector stabilizing in 2024, modest recovery expected in 2025; initiate Hua Hong w/BUY
Weekly highlight: expect strong sales momentum to last longer
Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations
China Property Sector:NBS Sep data: gloomy as expected, no strong rebound, only mild recovery in 4Q in our view