Healthcare Update

Vermilion Compass: Weekly Equity Strategy

SPX Testing Resistance as Rate Cut Cycle Begins The S&P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks; using the 2007 SPX topping analog which has tracked the current market almost perfectly, it would suggest a 2% or less move above the prior all-time high set in July at 5670 before topping, which is where we get the 5783 number. As long as the SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives, and this is the ideal time to ...

Vermilion Compass: Weekly Equity Strategy

Upgrading Consumer Staples, Real Estate, and Health Care to Overweight; List of Concerns Continues to Grow Our long-term outlook remains neutral on the S&P 500 (SPX) as of our 8/6/24 Compass, after being bullish since early-November 2023. In late-July (7/30/24 Compass) we discussed expectations for a 1- to 4-month pullback/consolidation period on the SPX and Nasdaq 100 (QQQ), and at this point it seems likely to last closer to four months, and potentially 4- to 6-months from our selected 7/17/24 starting point, until the market decides which way this consolidation resolves. We have always sai...

Benchmark 2024-V11 Mortgage Trust: Pre-Sale – 1.043 billion CMBS conduit/fusion transaction

Our credit view of Benchmark 2024-V11 Mortgage Trust, including our analysis of the assets and the securitization structure.

Moody's Ratings: No adverse rating impact on covered bonds issued by SMBC acting as trustee following updates which comply with Japanese initial margin rules (Japanese)

1/3NEWSContact:東京 東京菅 伸一郎 関 雄介主任格付アナリスト／VP-SCO 格付責任者／ｱｿｼｴｲﾄ･ﾏﾈｰｼﾞﾝｸﾞ･ﾃﾞｨﾚｸﾀｰストラクチャード・ファイナンス ストラクチャード・ファイナンスムーディーズ・ジャパン株式会社 ムーディーズ・ジャパン株式会社お客様専用電話番号：03-5408-4100報道関係者電話番号：03-5408-4110お客様専用電話番号：03-5408-4100報道関係者電話番号：03-5408-4110[MJKK]日本の当初証拠金規制に対応するためのプログラムの更新は、三井住友銀行のカバード・ボンドの格付に影響しないとコメント  2024年10月3...

Moody's Ratings: No adverse rating impact on covered bonds issued by SMBC acting as trustee following updates which comply with Japanese initial margin rules

Moody's Ratings (Moody's) announced today that the proposed updates being entered into by Sumitomo Mitsui Banking Corporation as issuer in relation to its EUR20,000,000,000 Covered Bond Programme (the "Covered Bond Programme") which comply with the Japanese initial margin rules would not, in and of ...