13 June 2025 | 12:47PM EDT Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Isabella Rosenberg +1(212)357-7628 | isabella.rosenberg@gs.com Goldman Sachs & Co. LLC c45a43530f604d12bcb9a82b5aa6b9f6 n Flows into mutual funds and related investment products showed net outflows from equities and robust inflows into bonds. n Net flows int ...

13 June 2025 | 7:27PM BST Global Rates Trader Inflation Offers Relief, Oil Offers Risks Inflation relief for global bond markets was short-lived as geopolitical tensions saw oil prices move sharply higher into the weekend. Even with some improvement in the underlying growth versus inflation trade-off and signs of duration risk appetite finding better footing, the macro impediments to a sharp move lower in US yields remain largely in place. Heading into the June FOMC decision, we continue to think any sustai ...

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/ ...

11 June 2025 | 11:33AM EDT USA: CPI Below Expectations; Estimating +0.18% for May Core PCE BOTTOM LINE: May core CPI rose 0.13% month-over-month, below expectations, and the year-over-year rate edged up to 2.79%. Airfares declined by 2.7%, possibly reflecting a continued drag from softer demand for business, tourism, and government travel, as well as a seasonal headwind, and used car prices declined 0.5%. We estimate that tariff increases have boosted CPI components that are highly exposed to these tariffs ...

Ronald Keung, CFA China Internet & Restaurants: Food delivery expert session takeaways: Focusing on evolving competitive landscape and implications to unit 12 June 2025 | 2:01AM HKT As part of the expert channel-check calls arranged alongside China Consumer team's APAC Consumer & Leisure Corporate Day, we hosted an expert session on food delivery with investors on June 11, where we invited Mr. Shi, CEO & Founder at Yuzhibo Information Technology. Key topics discussed include 1) Enlarged on-demand consumptio ...

11 June 2025 | 3:53PM BST #3 Stable-to-Moderately Higher Global Supply. We expect stable-to-moderately higher global platinum supply unless South African power constraints re-emerge. We expect South Africa supply, which accounts for approximately 70% of global platinum production, to rise moderately, in line with guidance from the major PGM miners there. Historically, mining production has been quite stable (outside of energy disruptions and labor strikes) despite the large swings in PGM basket prices and m ...

10 June 2025 | 8:42AM EDT Americas Beverages NielsenIQ data thru 5/31 - Total alcohol beverage $ sales declines continue Our View - Recent NielsenIQ xAOC+C sales trends for total alcoholic beverages declined -3.9% for the 2-wks ending 5/31/25 (vs -3.1%/-2.2% for 4/12-wks). The data reflects continued pressure on volumes, with trends worsening sequentially, down -5.9% (vs -4.8%/-3.8% for 4/12-wks) against slightly higher pricing growth, up +2.2% for 2-wks (vs +1.8%/+1.6% for 4-/12-wks). Note that results for ...

10 June 2025 | 4:58PM EDT Capital One Financial Corp. (COF): Key takeaways from presentation at industry conference This afternoon, CEO Rich Fairbank (and SVP of Global Finance Jeff Norris) presented at an industry conference for the first time after the closing of the DFS acquisition (closed on May 18th). The presentation struck a constructive tone on the strategic merits of the acquisition, the state of the consumer and the ability to return additional capital over time. While there was not much in terms ...

11 June 2025 | 1:06AM GST PKO Bank Polski (PKO.WA): 29th European Financials Conference — Key Takeaways Presenters: Krzysztof Dresler (CFO), Piotr Bujak (Chief Economist), Dariusz Chorylo (Head of Investor Relations). Bottom Line: Management discussed (1) resilient NII and ROE outlook (the company reiterated ROE expectation for >18% in medium-term), (2) macro outlook (both from fiscal and monetary part), (3) regulatory updates and (4) outlook on CHF mortgages (where the company expects 2025 to be the last y ...

11 June 2025 | 2:15AM JST Mitsubishi Electric (6503.T): Business reshuffling/growth strategies to proceed together; management committed to qualitative change; Buy Mitsubishi Electric (MELCO) held a management meeting on June 10 at 10:00 JST, attended by President & CEO Kei Uruma and CFO Kenichiro Fujimoto. Key points were as follows. (1) Personnel reductions in the FA business: MELCO plans to reduce headcount significantly, including through deconsolidation of some businesses. (2) Ongoing business reshuffl ...