Summary of Aluminum Inventory and Consumption in China (September 2025) Industry Overview - The report focuses on the aluminum industry in China, specifically tracking high-frequency demand trends and inventory levels during the week of September 11-17, 2025 [1][4]. Key Points Production Data - Total aluminum production in China was 852,000 tons (kt), remaining flat week-over-week (WoW) but increasing by 3% year-over-year (YoY) [2]. - Aluminum billet production was 361kt, also flat WoW, with a 6% increase YoY [2]. - Year-to-date (YTD) aluminum production reached 32.0 million tons (mnt), up 2.9% YoY, while aluminum billet production totaled 12.9mnt, up 5.7% YoY [2]. Inventory Levels - Total aluminum ingot and billet inventory stood at 927kt on September 18, 2025, reflecting a 1% increase WoW but a 5% decrease YoY [3]. - Social inventory was 780kt, up 3% WoW, while producers' inventory was 148kt, down 4% WoW [3]. - For aluminum ingots, inventory was 701kt, up 2% WoW and down 8% YoY; for aluminum billets, inventory was 226kt, down 1% WoW and up 5% YoY [3]. Apparent Consumption - Overall aluminum apparent consumption was 873kt during the week, down 2% WoW but up 6% YoY [4]. - Apparent consumption for aluminum ingots was 892kt, down 2% WoW, while for billets it was 342kt, down 1% WoW [4]. - YTD apparent consumption reached 32.9mnt, up 4.7% YoY, with ingots and billets showing increases of 4.1% and 7.6% YoY, respectively [4]. Market Sentiment - The market expectation for demand recovery in the aluminum sector remains cautious, with the latest sector ranking being copper > battery > gold > aluminum > cement > steel > lithium > thermal coal [1]. Additional Insights - The increase in total aluminum inventory during the week indicates a potential shift in demand dynamics, as inventory levels are lower than the same period in 2021-22 and 2024 but higher than in 2023 [5]. - Apparent consumption levels are higher than the same period in 2022-23 but lower than in 2024, suggesting fluctuating demand patterns [8]. Conclusion - The aluminum industry in China is experiencing stable production levels with a cautious outlook on demand recovery. Inventory levels are being closely monitored, and apparent consumption trends indicate a mixed performance compared to previous years.

Core Insights - The current market presents a challenge for investors seeking safe places to allocate new capital, as the S&P 500 is experiencing record highs and significant rallies [1] - There are still opportunities to find relatively inexpensive stocks with above-average growth potential, particularly within the S&P 500 [2] Stock Selection - A screen identified 104 S&P 500 stocks with above-average growth and below-average price multiples, narrowing down to 86 after excluding energy and materials sectors [3][4] - T-Mobile is highlighted for its expected 19.4% earnings growth next year, trading at just over 18 times next year's earnings [4] - Royal Caribbean and Expedia are noted as strong travel stocks, with Expedia projected to grow earnings by 18% next year while trading at 13 times earnings, significantly cheaper than Booking Holdings [5] - Dollar Tree is identified as a consumer staples stock with a 15% growth rate, trading at less than 15 times next year's earnings, making it a favorable option [6] Financial Sector Opportunities - The financial sector is experiencing favorable conditions, with 34 of the 86 identified stocks coming from this sector [7] - Capital One Financial is projected to have nearly 14% earnings growth next year, trading at roughly 11 times next year's earnings [8] - American Express is expected to grow earnings by 12.6% next year, trading at less than 20 times earnings, which is cheaper than the overall S&P [9] - Citigroup is highlighted for its strong recovery under CEO Jane Fraser, with expected growth of 28% next year while trading at just 10.5 times earnings [10] - Keycorp, a regional bank, is expected to grow at 22% next year, trading at just under 11 times next year's earnings [11] Other Notable Stocks - Charles Schwab is recognized as a strong retail brokerage, while Apollo is noted for its leadership in private equity and private credit with projected earnings growth of 19% [12][13] - Insight, a biopharma company, stands out in the healthcare sector with expected earnings growth of 19% and trading at just under 12 times next year's earnings [14] - Caterpillar is noted for its strong performance, with an expected 18% earnings growth and trading at 22 times next year's earnings [15] - Dell Technologies is mentioned as a core player in AI infrastructure, while BXP, a real estate company, has rebounded after trimming its dividend to focus on growth projects [18][19] - Energy, a utility company, is highlighted for its growth potential due to infrastructure projects, including a $10 billion data center by Meta [20]

Group 1 - Citigroup's wealth management arm has made strategic hires to enhance its investment solutions business [1]

Core Insights - The new H-1B visa regulations may inadvertently lead to increased reliance on Indian technology centers by major American banks, contrary to the intention of protecting American jobs [2][6] - Indian nationals represented 72.3% of total H-1B recipients during the US fiscal year ending September 2023, highlighting the significant role of Indian talent in the US labor market [2][6] Group 1: Impact on Financial Institutions - Major American banks such as Citigroup, JPMorgan, and Goldman Sachs are significant employers in India's global capability centers, which perform various functions including trading assistance and risk assessment [3][6] - Citigroup employs 33,000 personnel in India, Bank of America has over 27,000, and JPMorgan employs 10,000 staff, indicating a substantial workforce presence [5][6] Group 2: Growth of Global Capability Centers - The Global Capability Centres industry has grown into a $64 billion sector, with an annual growth rate of 9.8% projected from 2019 to 2024, and is expected to expand from 1,700 centers to approximately 2,500 by 2030, reaching a market value of $110 billion [5][6] - Analysts suggest that banks will recalibrate their strategies for global capability centers, potentially onshoring jobs to India and adding new job functions [5][6] Group 3: Response to Immigration Restrictions - Research indicates that companies often respond to skilled immigration restrictions by increasing overseas recruitment, with highly internationalized firms employing one overseas worker for each visa application rejection [6] - The new H-1B restrictions are expected to accelerate the trend of pushing more high-value roles into Indian hubs, as India has become a foundation for global capability centers for international banks [6]

This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Dive Brief: Citi will deploy agentic AI capabilities to employees as part of an update to its Citi Stylus Workspaces platform, according to a Monday announcement. The effort will start this month with a pilot group of 5,000 workers, the company said in an email. Citi Stylus Workspaces, first introduced in December 2024, is a proprietary platform that uses Google’s Gemini a ...

Group 1 - Gold prices reached new highs, with silver prices hitting their highest levels in over a decade, driven by expectations of a dovish Federal Reserve leadership and declining real interest rates [1] - Citi strategists predict a bullish trend for gold and silver, extending to copper and aluminum by 2026, influenced by economic conditions and stimulus measures from the Inflation Reduction Act [1][2] - The report highlights cyclical factors like a weak labor market and structural concerns such as U.S. debt and a weakening dollar as key drivers for precious metal price increases [1] Group 2 - The current conditions for a gold bull market are nearly all in place, with a target price of $3,800 per ounce in the next three months and a potential peak of $4,000 per ounce in the coming months [2] - For aluminum, the outlook is very bullish over the next 6 to 36 months, with any price pullbacks seen as strong long-term buying opportunities due to its connection with AI and energy demands [2] - Copper prices are expected to reach a baseline of $12,000 per ton in the next 6 to 12 months, with an optimistic scenario predicting $14,000 per ton, benefiting from structural energy transitions and AI trends [2] Group 3 - Citi revised its gold price forecast for Q1 2026 from $2,900 per ounce to $3,700 per ounce, while projecting a decline to $2,800 per ounce by Q4 2026, slightly above previous estimates [3]

The shorter of the two buildings that make up the Citigroup Centre in London’s Canary Wharf district is set to be overhauled as the bank prepares to reoccupy the adjoining skyscraper that bears its logo after a £1 billion ($1.4 billion) upgrade https://t.co/sCCUW1wngZ ...

Core Viewpoint - The recent increase in H-1B visa fees by the US government is expected to negatively impact India's services sector, reduce remittance inflows, and exert pressure on the Indian rupee [1][4]. Impact on Remittances - Highly skilled Indian migrants contribute significantly to remittances, with the US accounting for nearly 28% of these inflows, approximately $35 billion annually [2]. - A decline in H-1B visa holders from India could lead to a reduction in remittances, with a worst-case scenario estimating a decrease of about $400 million annually if Indian applications for H-1B visas fell to zero [3]. Effects on the IT Services Industry - The visa changes could disrupt India's $280 billion IT services industry, which relies on the H-1B program to deploy engineers to international clients, causing stocks of major outsourcing firms like Tata Consultancy Services and Infosys to drop over 3% [5][6]. - The IT sector is crucial for India's economy, contributing over 7% to GDP and employing nearly six million professionals globally [6]. Broader Economic Implications - The changes in visa policy may increase medium-term growth risks for the South Asian economy and pressure the Indian government to enhance domestic demand [7]. - While the intention behind the visa changes is to protect US jobs, they may inadvertently raise operational costs for American corporations, potentially leading to an expansion of global capability centers in India by companies like Microsoft, Google, and Morgan Stanley [8]. Balance of Payments and Trade Negotiations - The overall impact on India's Balance of Payments is expected to be modest in the near term, but concerns remain regarding trade negotiations and future pressures on offshoring [10].

The financial firm said it would run a 5,000 person pilot to find out how helpful the new "agentic†technology is to staff in areas like research and client profiling. ...

Core Viewpoint - Citigroup predicts a continued rally in gold and silver, with potential opportunities emerging in copper and aluminum by 2026, driven by economic factors and changes in U.S. monetary policy [1][4]. Group 1: Precious Metals Performance - Gold prices increased by $44.40, or 1.2%, reaching $3,750 per ounce, aiming for a new closing high, potentially its 36th this year [2]. - Silver rose over 2% to $43.86 per ounce, with an intraday peak of $44.10, the highest level since August 2011, as investors anticipate a new settlement high [3]. Group 2: Future Outlook for Metals - The bull market for gold and silver is expected to broaden into copper and aluminum by 2026, influenced by anticipated dovish Federal Reserve leadership and lower U.S. real interest rates [4]. - Factors driving this trend include a weak labor market, tariff-related growth concerns, U.S. debt worries, and a weakening dollar [5]. Group 3: Investment Strategies - Citigroup suggests buying dips in gold, targeting $3,800 per ounce in the next three months, with a peak expected in the first quarter of the following year [6]. - The bullish scenario for gold could see prices reaching $4,000 amid stagflation and Fed independence concerns, while a bearish scenario could see prices drop to $3,400 [6]. - For aluminum, the strategists express strong bullish sentiment over the next six to 36 months, indicating that any price dips should be viewed as long-term buying opportunities [7].