Core Viewpoint - Citigroup upgraded Nu Holdings Ltd.'s stock rating from "Sell" to "Buy" and doubled the target price from $9 to $18, indicating a potential upside of approximately 30% over the next 12 months [1] Group 1: Company Performance - Nu Holdings reported strong quarterly earnings, with a revenue of approximately $3.7 billion for Q2 2025, exceeding Wall Street analysts' expectations and reflecting a year-over-year growth of 32.1% [2] - The company has achieved an annualized revenue growth rate of 85% since 2021, showcasing its rapid expansion in the fintech sector [2] - The company's return on equity (ROE) stands at about 28%, distinguishing it within the global fintech industry [1][2] Group 2: Market Position and Strategy - Nu Holdings operates Nubank, a digital bank focused on the Brazilian market, providing a range of financial services including customized credit cards, mobile payment systems, and investment products [3] - Nubank has accumulated over 118 million customers across Brazil, Mexico, and Colombia, becoming the first digital bank outside Asia to surpass 100 million customers in 2024 [3] - The digital bank's ecosystem is built on a fully online application and data-driven risk management, allowing for lower customer acquisition costs, significantly below $10 [3]

Flash | 21 Aug 2025 03:58:14 ET │ 9 pages Jack Shang, CFAAC +852-2501-2441 jack.shang@citi.com Anna Wang China Coal 2025 On-ground Demand Monitor Series #124 – Thermal Coal Production and Inventory CITI'S TAKE In this series of notes, we aim to track and analyze high-frequency on- ground demand trends in China – market expectation on a demand recovery has been largely cautious. In this note, we enclose weekly data from Sxcoal, a consultant, on 100 sample China thermal coal mines' production and inventory da ...

Summary of Aluminum Inventory and Consumption in China (August 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 August 14-20, 2025 [1] Key Points Production Data - Total aluminum production in China was 848,000 tons (kt), remaining flat week-over-week (WoW) but increasing by 2% year-over-year (YoY) [2] - Aluminum billet production reached 348 kt, showing a 1% increase WoW and a 3% increase YoY [2] - Year-to-date (YTD) aluminum production for 2025 was 28.6 million tons (mnt), up 2.9% YoY, while aluminum billet production was 11.5 mnt, up 5.8% YoY [2] Inventory Levels - Total aluminum ingot and billet inventory was 883 kt as of August 21, 2025, a decrease of 2% WoW and 15% YoY [3] - Breakdown of inventory: - Social inventory: 717 kt, down 1% WoW and 22% YoY - Producers' inventory: 167 kt, down 5% WoW but up 30% YoY [3] - Specific inventory levels: - Aluminum ingot inventory: 655 kt, flat WoW and down 23% YoY - Aluminum billet inventory: 228 kt, down 7% WoW but up 20% YoY [3] Apparent Consumption - Overall aluminum apparent consumption was 898 kt during the week, an increase of 3% WoW and 2% YoY [4] - Breakdown of apparent consumption: - Aluminum ingot: 897 kt, up 2% WoW and 1% YoY - Aluminum billet: 349 kt, up 5% WoW and 4% YoY [4] - YTD apparent consumption for 2025 was 29.4 mnt, reflecting a 4.8% increase YoY [4] Market Insights - The report suggests that the aluminum ingot and billet inventory data is more representative for calculating overall aluminum demand, as it encompasses a broader range of inventory types [5] - The total aluminum inventory decreased WoW and was lower than the same period in 2021-2022 and 2024, but higher than in 2023 on a lunar calendar basis [5] - Apparent consumption levels were higher than the same period in 2022-2024 on a lunar calendar [7] Additional Insights - The aluminum sector is currently ranked highest in demand compared to other materials such as steel, copper, and thermal coal, indicating a strong market position [1] - The cautious market expectation regarding demand recovery is noted, suggesting potential volatility in future demand trends [1] This summary encapsulates the key findings from the report on aluminum inventory and consumption in China, highlighting production, inventory levels, apparent consumption, and market insights.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Export and Trade - **Key Focus**: High-frequency data tracking of Chinese exports and cargo throughput as of August 20, 2023 Core Insights 1. **US-China Tariff Situation**: Tail risks associated with US-China tariffs have been largely mitigated due to the official extension of the tariff truce, although demand uncertainty from the US remains a concern [2][2][2] 2. **Container Ship Departures**: There was a year-on-year decline of -9.4% in container ship departures from China to the US for the 15 days ending August 20, slightly improving from -12.6% a week prior [2][2][13] 3. **US Import Bills**: Seaborne import bills from China to the US remained stable at approximately US$1.3 billion, reflecting a decline of -19.4% year-on-year [2][2][14] 4. **Cargo Throughput Trends**: Overall cargo throughput growth in China softened to 2.6% year-on-year for the week ending August 17, down from 6.8% the previous week, indicating the impact of a high base from the previous year [3][3][6] 5. **Containership Arrivals**: Containership arrivals at ASEAN ports grew by 3.7% year-on-year for the week ending August 20, a decrease from 7.6% the week before, suggesting a similar high base effect [3][3][12] Additional Important Details 1. **Overall Cargo Throughput**: The overall cargo throughput expanded by 3.1% year-on-year in the first three weeks of August, compared to 10.9% year-on-year in July, indicating a significant slowdown [3][3][3] 2. **Market Volatility**: Despite the defusion of tariff risks, volatility in China's direct exports to the US may increase in the coming months due to ongoing concerns regarding US demand [2][2][2] 3. **Analyst Contact Information**: Analysts involved in the report include Xiangrong Yu, Xinyu Ji, and Yuanliu Hu, with their contact details provided for further inquiries [4][4][4] This summary encapsulates the critical insights and data points from the conference call regarding the current state of Chinese exports and trade dynamics, particularly in relation to US-China relations and market conditions.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **global economy** and the impact of **US tariffs** on international trade and inflation dynamics. Core Insights and Arguments 1. **Global Economic Growth**: The global economy has shown resilience, with growth slowing to 2.5% in the first half of the year, down from nearly 3% last year. A further slowdown to below 2% is expected in the second half, with a rebound to nearly 3% anticipated in the first half of next year [1][18]. 2. **Impact of US Tariffs**: US tariffs have created uncertainties, but their restraining effects have been slow to emerge. Recent months have seen a decline in US imports and a retreat in foreign exports, indicating that the effects of tariffs are beginning to be felt [2][17]. 3. **Central Bank Policies**: A majority of global central banks are expected to continue cutting rates, with 21 out of 30 major central banks projected to cut by year-end. The Federal Reserve is likely to cut rates in September due to a softer labor market [3][32]. 4. **Surge in Tariff Revenues**: US tariff revenues have increased significantly, surpassing $330 billion annually in July, compared to $75 billion last year, reflecting an effective tariff rate of 11% [4][46]. 5. **Tariff Absorption by Firms**: US firms are currently absorbing 60-70% of the tariffs, but this is not expected to be sustainable long-term. Firms may increasingly pass these costs onto foreign suppliers and US consumers [5][63]. 6. **Inflation Dynamics**: Headline inflation remains near 2%, but core inflation is running higher than pre-pandemic levels. The tariffs are contributing to stagflationary pressures in the US, while they may exert downward pressure on wages and prices globally [22][24]. 7. **Sectoral Impact of Tariffs**: The tariffs are expected to affect various sectors differently, with foreign exporters potentially absorbing some costs, while US consumers may face higher prices. Evidence suggests that consumers have borne approximately 30-40% of the tariff costs to date [48][53]. Additional Important Insights 1. **Global PMIs**: Global Purchasing Managers' Index (PMI) data indicates that services are outperforming manufacturing, with the services PMI recovering to favorable levels while manufacturing PMI hovers around the expansion-contraction threshold [8][11]. 2. **Trade Dynamics**: The expected reduction in US demand for foreign products due to tariffs has not yet fully materialized, as US imports surged late last year. However, recent trends show a decline in imports, suggesting a shift in trade dynamics [12][16]. 3. **Future Projections**: The likelihood of severe downside risks to the global economy is diminishing, but the potential for more powerful downdrafts from tariffs remains a concern [18][39]. 4. **Sectoral Tariffs**: The overall US tariff rate is currently around 18%, with expectations that it could exceed 20% with additional sectoral tariffs on pharmaceuticals and electronics [42]. This summary encapsulates the key points discussed in the conference call, highlighting the current state of the global economy, the implications of US tariffs, and the responses from central banks and various sectors.

Citigroup’s two remaining traders on its Latin America corporate credit desk in New York have left the bank, according to people familiar with the matter https://t.co/I5KgRSK5ve ...

Leadership Change - Citigroup appoints Erik Savola as head of corporate banking for Europe [1] Investment Banking Strategy - The US bank continues to strengthen its investment banking franchise [1]

We are back on halftime with final trading. Steve Weiss, you're up first. >> I bought some verdives.Stocks down over 20% since they reported a great quarter. Data center craze isn't dying anytime soon. >> Kevin Simpson, >> DraftKings football season kicks off this week in Philadelphia.Go Birds. >> Jason Snip, >> Palo Alto. I really like this cyber arc acquisition.I think we'll be a creative to the name. >> Jim Labenthal with the final word. >> Cityroup.And as the old commercial goes, and I'll only do this o ...

据香港交易所披露，贝莱德（BlackRock）对中兴通讯股份有限公司 - H股的多头持仓比例于2025年8月 18日从7.21%降至6.65%。花旗集团对其多头持仓比例于8月18日从4.24%增至5.05%。 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Economics** and the current state of the **Chinese equity markets** [1][4]. Core Insights and Arguments - **Liquidity Improvement**: There has been a notable improvement in liquidity across the board in recent weeks, which is seen as a primary driver for the ongoing rally in China equities [1][4]. - **PBoC's Stance**: The People's Bank of China (PBoC) is not expected to tighten liquidity imminently, despite recent economic data showing weakness. The central bank aims to prevent "funds circulating within the financial system" [1][17]. - **Consumer Support Measures**: Recent measures to support consumers are being monitored, with expectations for a potential new round of property support and a catch-up in infrastructure construction [1][21]. - **Trading Volume**: The trading volume in the A-share market has been increasing, indicating heightened market activity [5]. - **Margin Buying**: The balance of margin buying has rebounded, maintaining a steady share of the market capitalization, suggesting that investor confidence is returning [7][19]. Important Data Points - **Interbank Liquidity**: The DR007 interbank liquidity rate has drifted lower, averaging around 1.45% last week, down from approximately 2% during January-February [9]. - **Monetary Growth**: M1 and M2 monetary growth has been on an upward trend since the end of 2024, attributed to a mechanical rebound rather than organic improvement [9]. - **Household Deposits**: In July, households withdrew RMB 1.1 trillion from bank accounts, while NBFI deposits increased by RMB 2.1 trillion, indicating a shift in household allocation towards financial markets [9][12]. - **Tariff Risks**: The extension of the tariff truce between the US and China and a weakening US dollar are seen as favorable factors for the Chinese economy [9]. Additional Considerations - **Capital Market Priority**: The capital market has become a key performance indicator for the Politburo, with supportive tones noted in recent meetings [19]. - **Financial Risks**: Current financial risks are considered manageable, with leverage levels in the equity market remaining under control [19]. - **Property Sector Support**: Discussions are ongoing regarding potential support for the property sector, including housing buybacks by asset management companies [21]. - **Infrastructure Investment**: A slump in investment in July is partially attributed to extreme weather, with expectations for a rebound if such factors fade [21]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state of the Chinese economy and equity markets.