1。
   

Commodities

Energy Weekly

The anti-hoarding: physical and financial de-stocking at play

Global de-stocking has driven timespreads down at the same

time that fundamentals continue to tighten, as weak demand

growth continues to be off-set by even weaker supply

growth. This has left the oil system extremely vulnerable to

adverse supply and demand shocks and underscores the risk

of higher price spikes and volatility.

2。GS SUSTAIN - Basic Materials

Basic elements: Sustainable returns in mining, steel and chemicals

GS SUSTAIN has generated alpha

3。
     

ASEAN: Portfolio Strategy

ASEAN Stance-at-a-Glance

Still cautious

While many Asia ex-Japan markets are near recent ytd lows,

we continue to believe that valuations have not fully priced

in the downside risks to markets. On a Pan-Asia basis, we

continue to underweight the smaller ASEAN markets. Our

ASEAN market rankings remain unchanged from last month–

Singapore, Thailand, Philippines, Indonesia and Malaysia.

Unexciting outlook

ASEAN Stance-at-a-Glance: Still cautious 2

Asia Pacific: Telecom Services: Catalyst watch 3Q08: Facing challenges of an

inflationary world 3

Dongkuk Steel Mill (001230.KS) Buy: Raise high the steel beam, investors;

upgrade to Buy 4

Other Headlines

Economics

China: Economics: Headline growth held up, but underlying growth likely softer in May 5

South Korea: Economics: June CPI: Jumped to 5.5%, a nine-year high 6

South Korea: Economics: June trade: Exports growth moderated 7

Basic Materials

Asia Pacific: Steel: News of the cycle's death is grossly exaggerated 8

Consumer Cyclicals

Focus Media (FMCN): Analyst day takeaways - incrementally informative and positive 9

Hana Tour Service (039130.KQ): Disappointing 2Q08 results to weigh on the shares

[此贴子已经被angelboy于2008-7-23 12:02:03编辑过]