Semiconductor Industry & Tech Market - Optimism in the Asian complex driven by positive earnings from ASML and TSMC [1] - Tech sector continues to show strength despite trade uncertainties [2] - Solid earnings are boosting confidence [2] Monetary Policy & Economic Outlook - Expectations of Fed rate cuts are influencing market sentiment [3][6] - Some traders anticipate a jumbo Fed cut before year-end [3] - Potential US government shutdown could weigh on economic confidence [4] - Fed policymakers signaled the possibility of at least two rate cuts by the end of the year [4] - Confidence in Fed rate cuts is putting downward pressure on the dollar [6] Currency & Japanese Politics - USD/JPY pair experienced volatility, moving from above 153 to 151 [7] - Takeuchi appears to be regaining political control in Japan [7] - Market anticipates Japanese stocks to rise if Takeuchi secures a stable position, potentially weakening the yen and impacting government bonds [8][9]

The house is going to happen. What's the cost of this. That sounds like an awful lot of job cuts to me.I know this is an enormous company, but nevertheless, 60,000 job cuts sounds like a big number. Yeah, you're absolutely right. That's the talk of the town, right.It's nice. Like the already strong feeling. It's all very, I would imagine, this morning.Oh, definitely. That's for sure. I mean, they are just like they announced 86,000 job cuts.They didn't announce like where exactly it will be. They didn't say ...

Capital Expenditure & Revenue Outlook - Capital expenditure is expected to be at the high end of the range, reflecting increased investment in opportunities [1] - Revenue outlook has been upgraded, indicating optimism for the year [1] - Revenue growth is expected to be in the mid-30% range in US dollar terms [2] AI Opportunity & Demand - The primary focus of Q&A was on the AI opportunity, highlighting its significance [2] - The pace of AI development is described as rapidly accelerating [2] - Near-term sustainability of AI demand is considered robust due to ongoing platform and capacity building [3] China & Supply Chain - Concerns exist regarding the China situation, including technology sales constraints and raw material limitations [3] - The company expresses optimism about robust demand even without China [4] - Potential impact of rare earth export controls on the market is being assessed [4] - Material supply constraints from China are expected to affect everyone [6] US Expansion & Competition - The company is investing in US capabilities while continuing to invest in Taiwan [7] - The company aims to maintain its market lead over competitors like Intel [7] - The company holds over 50% of the overall foundry market [8]

Gold Market Overview - Gold is currently considered overbought but still underinvested [1] - Client portfolios currently allocate approximately 0.5% to gold, below the historical high of 1.1%, indicating room for increased allocation [1] - ETF inflows experienced a significant surge, increasing by 880% year-over-year last month, raising concerns about sustainability [2] Investment Strategy - Industry suggests buying on dips, with potential entry points identified during monthly or weekly price movements of $100-$200 [2][3] - Increased volatility is anticipated, potentially creating entry points for investment [3] Role of Gold in Portfolios - Gold is viewed as an asset with a role to play in portfolio diversification [5][6] - Optimal risk-return portfolios may allocate around 75%, while incentive banks hold between 10-15% of assets in gold [5] - Gold's primary value lies in portfolio diversification and price exposure, rather than direct performance in the real economy [6]

Canada's Trade and Economic Strategy - Canada is doubling down on the Indo-Pacific strategy, focusing on diversifying supply chains and building trading relationships across the region [2] - Canada aims for a Free Trade Agreement (FTA) with ASEAN in 2026 [2] - Canada is prioritizing its sovereign and economic interests through diplomacy, leveraging its natural resource wealth, including critical minerals and energy [5][6] - Canada is actively diversifying supply chains, as evidenced by the Foreign Minister's visit to the Indo-Pacific region [7] Canada-China Relations - China is one of Canada's largest trading partners, although trade with the United States accounts for approximately 80% of Canada's total trade [8] - Canada's strategy with China involves challenging where necessary and cooperating where possible, with a key focus on opening strategic dialogue [9][10] - Canada seeks to balance trade opportunities with the need to address issues such as human rights and the South China Seas in its relationship with China [10] Energy and Resources - Canada possesses a competitive advantage in LNG and is witnessing global demand for its LNG and other energy resources [15][16] - Canada is developing its capacity for LNG and has multiple large national projects, including wind, LNG, and nuclear energy, attracting international investment interest [15][16] Canada-India Relations - Canada is taking a step-by-step approach to mend relations with India, focusing on public security and law enforcement dialogue [21] - Canada and India finalized a joint statement for cooperation on public security, energy, critical minerals, resilient trade routes, and agriculture [5][22] Multilateral Engagement - Canada is the host of the G7 and is actively engaged with G7 counterparts across various government ministries [6] - Canada is a proponent of multilateralism and is committed to promoting multilateral engagement across trade, defense, security, and global organizations [19][20]

Trade War & Negotiations - The US initiated an unprecedented tariff war and tech war against China, leading to retaliatory measures from China [9][10] - China views the trade tensions as necessary struggles for economic strengthening and is prepared to fight to the end [2] - The US may have overestimated its leverage and underestimated China's capacity for counteraction and strategic composure [4] - A potential meeting between the two presidents is desired by both sides, but requires improved conditions to be fruitful [6][7] - China expects the US to show good faith by scaling back the new rule implemented on September 29th [13][14] - China is prepared to walk away from negotiations if no agreement can be reached [31][32] Leverage & Retaliation - China's export control policy on rare earths is mainly a retaliation to recent US moves [20] - The soybean issue is part of China's leverage in dealing with US tariffs, and reconsideration of US agricultural product purchases is possible if tariff issues are addressed [23] US Policy & Internal Divisions - The US administration is divided between pragmatists seeking improved relations and those pushing for strategic decoupling [11][12] - The US side understands the limits of tariff control, as tariffs have been counterproductive and contributed to inflation [28][29] Future Outlook - Another extension of trade talks is expected as a minimum, with the hope of resolving the tariff issue entirely [26][27] - The business community desires a clear message from both sides to reduce uncertainty [28]

Lizzy, this is a question you put this question to the Chancellor before why she's given herself once you gave us such small fiscal headroom, and now the IFS is underscoring just how much that needs to be expand in the years ahead. What are the consequences if she doesn't do this. I'm glad you remember that, Tom.Of course, we've had two fiscal events so far. This government, the last autumn budget and the spring statement, and both the chancellor left herself a razor thin margin of £9.9% billion. And becaus ...

Donald Trump, the US President, was actually asked about the trade war and whether or not the US was in fact in one. Here's how he actually framed and phrased that specific answer. Are we in for a sustained trade war with China.Well, we're in one now. Look, we have a 100% tariff. If we didn't have tariffs, we would be exposed as being a nothing. We would have no defense.President Trump spoke after Treasury Secretary Scott Bessent floated a longer pause on high US levies targeting China to resolve a conflict ...

Company Strategy & Performance - IMAX aims to increase profitability by expanding its global network and diversifying content, including local language films and alternative content [12][15][16][18] - IMAX leverages its relationships with filmmakers to enhance marketing and expand its network, viewing these relationships as financial assets [22][23] - IMAX focuses on increasing theater utilization to drive incremental revenue and attract new consumers [20] - IMAX emphasizes financial discipline and return on investment in strategic decision-making, balancing bold vision with financial structure [6][7] Financial Health & Debt Management - IMAX is managing $280 million in debt, including $230 million in convertible notes due in April 2026, with strategies focused on avoiding stock dilution [48][49][52] - IMAX secured a $375 million revolving credit facility to provide financial flexibility for debt management and potential share buybacks [50][51] - IMAX's maintenance margins benefit from a recurring revenue stream of $60 million annually from fixed fees charged to exhibitors [37] Market Position & Future Opportunities - IMAX has increased its influence in Hollywood, contributing approximately 4% of global ticket sales with only about 1% of all screens [2] - IMAX sees significant growth potential in international markets, particularly Japan, Australia, the Middle East, Southeast Asia, and parts of Europe [15][55] - IMAX views streaming services as complementary rather than adversarial, exploring opportunities for theatrical releases of streaming content [44][46][47]

So let's talk a little bit more about what exactly you said last week. It was the guidance for revenue growth and profit. If you map it out to 2030, I believe that that only targets about 5% annual growth.So is that Ferrari being cautious prudently here or do you actually see something troubling ahead when it comes to the luxury market. I think that the plan we showed last week is equally ambitious as the last one. I think that three years ago we committed to deliver and we delivered on our promises we are ...