Market Overview - The S&P 500 decreased by 1.4% and the DOW by 1.1%, marking the worst week of 2026, with the tech-heavy NASDAQ down 2.3% due to policy chaos from the administration [1] - The market is experiencing volatility as the administration's tariff policies shift, impacting investor sentiment and market stability [1][11] Tariff Policy Changes - The Trump administration is considering rolling back steel and aluminum tariffs due to inflation concerns, which have moderated to 2.4% in January after a year of price fluctuations caused by these tariffs [2][3] - Shares of United States Steel Corp (X) fell by 3.4% and Alcoa (AA) by 2.8% in pre-market trading as renewed foreign competition becomes a possibility [2] Deregulation Efforts - The administration repealed the EPA's "Endangerment Finding," which was crucial for regulating greenhouse gases, benefiting the traditional energy sector but creating confusion for the auto industry [6][7] - Ford (F) and General Motors (GM) saw modest gains of 0.5% and 0.2% respectively, but the long-term implications of this deregulation remain uncertain as global markets move towards electric vehicles [6][8] Trade Deals and Global Relations - Recent trade announcements include a new framework with India, tariff reductions with Taiwan, and a deal with the U.K., but market reactions have been muted due to skepticism about the effectiveness of these frameworks [9][10] - The iShares MSCI Taiwan ETF saw a small increase of 0.9%, but concerns about a potential visit to China by the President may limit market optimism [10] Conclusion on Market Sentiment - The major indices are down, with the S&P 500 experiencing a 2.1% decline for the week, reflecting market uncertainty regarding the administration's policy changes [11] - Investors are left questioning the logic behind rolling back tariffs to combat inflation that the tariffs themselves helped create, highlighting the unpredictable nature of current market conditions [12]

Company Overview - Applied Energetics is recognized for its cutting-edge developments in the defense sector [2][3] - The company is led by CEO Chris Donaghey, who is set to provide insights into the company's recent activities and future plans [2][3] Recent Developments - A presentation will outline the company's achievements over the past year and its strategic plans leading up to 2026 [3] Audience Engagement - The event encourages audience participation through a Q&A session, allowing for direct interaction with the company's leadership [1][2]

Group 1 - The article discusses the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1]

Core Insights - TMX Group reported a significant decline in financing activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for January 2026, with total financings raised decreasing by 75% compared to December 2025 and down 9% compared to January 2025 [2][4]. TSX Summary - In January 2026, TSX welcomed 23 new issuers, a decrease from 84 in December 2025 and similar to 24 in January 2025 [2][5]. - Total financings raised amounted to $738.2 million, a sharp decline from $3 billion in December 2025 and down from $815 million in January 2025 [5]. - The number of financings was 40, slightly up from 37 in December 2025 but down from 43 in January 2025 [5][6]. - The market capitalization of listed issues was approximately $6.36 trillion in January 2026, compared to $6.28 trillion in December 2025 and $5.06 trillion in January 2025, reflecting a year-over-year increase of 25.8% [6]. TSXV Summary - TSXV had one new issuer in January 2026, down from two in December 2025 and none in January 2025 [4][7]. - Total financings raised were $870.8 million, a decrease from $1.57 billion in December 2025 but an increase of 63.1% compared to $533.8 million in January 2025 [7][8]. - The total number of financings was 158, up from 123 in December 2025 and 107 in January 2025, indicating a 47.7% increase year-over-year [9]. Year-to-Date Statistics - For 2026, TSX has listed 23 new issuers, a slight decrease of 4.2% from 24 in 2025 [6]. - IPO financings raised on TSX were $49.6 million, a significant drop of 81.8% from $272.4 million in 2025 [6]. - Secondary financings raised on TSXV reached $249.6 million, a remarkable increase of 898.7% from $24.99 million in 2025 [8].

Group 1 - The presentation features Alex Kramm from UBS Investment Bank, who is a senior research analyst covering U.S. exchanges and business services companies [1] - TMX Group's CEO, John McKenzie, is providing an update on the company's activities, particularly its growth in the U.S. market [2] - The discussion highlights the significant transitions TMX Group has undergone over the past few years and its key growth targets and objectives [2]

Core Insights - TMX Group Limited reported significant increases in trading statistics for January 2026 across its marketplaces, indicating robust market activity and growth compared to previous periods [1][2]. Trading Volume and Value - Total trading volume in January 2026 reached approximately 19.82 billion, up from 16.24 billion in December 2025 and 11.70 billion in January 2025, marking a year-over-year increase of 69.3% [2][4]. - The total trading value for January 2026 was approximately $433.21 billion, compared to $382.01 billion in December 2025 and $286.63 billion in January 2025, reflecting a 51.1% increase year-over-year [2][4]. Transaction Statistics - The number of transactions in January 2026 was 35.67 million, a significant rise from 26.92 million in December 2025 and 23.23 million in January 2025, representing a 53.6% increase year-over-year [2][4]. Daily Averages - Daily average trading volume for January 2026 was approximately 943.8 million, compared to 792.3 million in December 2025 and 532.0 million in January 2025, showing a 77.4% increase year-over-year [3][5]. - Daily average trading value was approximately $20.63 billion in January 2026, up from $18.63 billion in December 2025 and $13.03 billion in January 2025, indicating a 58.3% increase year-over-year [3][5]. Toronto Stock Exchange Performance - The Toronto Stock Exchange recorded a trading volume of approximately 10.66 billion in January 2026, up from 9.49 billion in December 2025 and 7.26 billion in January 2025, reflecting a 46.8% increase year-over-year [6][8]. - The trading value for the Toronto Stock Exchange in January 2026 was approximately $401.72 billion, compared to $360.29 billion in December 2025 and $263.19 billion in January 2025, marking a 52.6% increase year-over-year [6][8]. TSX Venture Exchange Highlights - The TSX Venture Exchange saw a trading volume of approximately 7.35 billion in January 2026, significantly up from 5.36 billion in December 2025 and 3.18 billion in January 2025, representing a 131.3% increase year-over-year [10][12]. - The trading value for the TSX Venture Exchange was approximately $7.26 billion in January 2026, compared to $4.41 billion in December 2025 and $1.55 billion in January 2025, reflecting a remarkable 368.9% increase year-over-year [10][12]. TSX Alpha Exchange Insights - The TSX Alpha Exchange reported a trading volume of approximately 1.77 billion in January 2026, up from 1.36 billion in December 2025 and 1.24 billion in January 2025, indicating a 43.0% increase year-over-year [14][16]. - The trading value for the TSX Alpha Exchange was approximately $23.29 billion in January 2026, compared to $16.59 billion in December 2025 and $21.06 billion in January 2025, showing a 10.6% increase year-over-year [14][16]. Montreal Exchange Derivatives Statistics - The Montreal Exchange reported a derivatives volume of 17.66 million contracts in January 2026, down from 19.93 million contracts in December 2025, reflecting a 5.7% decrease year-over-year [23][24]. - Open interest in contracts was 31.15 million in January 2026, compared to 25.75 million in January 2025, indicating a 21.0% increase year-over-year [23][24].

Core Points - TMX Group Limited declared a dividend of $0.24 per common share, marking a 9% increase from the previous dividend of $0.22 [1][2] - This is the fourth dividend increase in two years, reflecting the company's strong business model and commitment to shareholder value [2] - The dividend is payable on March 6, 2026, to shareholders of record as of February 20, 2026 [1] Company Overview - TMX Group operates global markets and provides various services including listing markets, trading markets, clearing facilities, and technology solutions [4] - Key operations include the Toronto Stock Exchange, TSX Venture Exchange, and other financial services across North America and international markets [4] - The company is headquartered in Toronto and has offices in major cities including Montréal, Calgary, Vancouver, New York, London, Singapore, and Vienna [4]

Core Insights - TMX Group reported strong financial performance for Q4 2025, with record revenue of $457.8 million, a 16% increase from $393.3 million in Q4 2024, and a 20% increase in operating income for the year [1][11][12] - The company experienced a 13% increase in organic revenue and a resurgence in financing activity, contributing to double-digit revenue growth across all segments [1][12] - TMX Group announced a 9% increase in its quarterly dividend, reflecting its commitment to delivering value to shareholders [1][12] Financial Performance - Revenue for Q4 2025 was $457.8 million, up $64.5 million or 16% from Q4 2024 [10][20] - Operating expenses increased by 19% to $252.1 million, driven by various factors including higher headcount and integration costs related to recent acquisitions [10][40] - Net income attributable to equity holders decreased by 28% to $115.2 million, primarily due to foreign exchange losses compared to gains in the previous year [13][47] Revenue Breakdown - Derivatives Trading and Clearing revenue increased by 27%, driven by higher rates per contract and a 10% increase in trading volumes [14][25] - Capital Formation revenue rose by 13%, reflecting higher additional listings and initial listing fees [22][20] - Global Insights revenue grew by 16%, with significant contributions from TMX VettaFi and TMX Datalinx [30][36] Earnings Per Share - Basic and diluted earnings per share for Q4 2025 were $0.41, down 29% from $0.58 in Q4 2024, largely due to foreign exchange losses [11][19] - Adjusted diluted earnings per share increased by 22% to $0.60, reflecting improved operational income [11][19] Operating Expenses - Compensation and benefits expenses rose by 16% to $117.8 million, influenced by costs related to recent acquisitions [40][43] - Selling, general, and administrative expenses surged by 46% to $53.1 million, reflecting increased operational activities [40][46] - Depreciation and amortization expenses increased by 12% to $47.0 million, driven by ongoing projects [40][46] Market Activity - The overall volume of securities traded on TMX's equities marketplaces increased by 38%, with notable growth on TSX and TSXV [32] - TMX's market share in domestic equities trading remained stable at approximately 61% [32] Dividend Announcement - TMX Group's Board approved a dividend increase of $0.02 to $0.24 per common share, marking the fourth increase in two years [12][21]

Company Overview - SpaceX is currently a private company but is expected to go public in June 2026, indicating a significant upcoming transition for the company [1]. Industry Insights - SpaceX is recognized as a dominant force in the aerospace industry, reflecting its strong position and influence within the sector [1].

Core Insights - TMX Group reported significant activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for December 2025, highlighting a notable increase in new issuers compared to previous months and years [2][4]. TSX Summary - TSX welcomed 84 new issuers in December 2025, a substantial increase from 15 in November 2025 and 7 in December 2024 [2]. - Total financings raised in December 2025 amounted to approximately $3.00 billion, a decrease of 29% from the previous month but an increase of 151% compared to December 2024 [2][6]. - The total number of financings in December 2025 was 37, down from 43 in November 2025 and up from 26 in December 2024 [2][6]. - Year-to-date statistics for 2025 show 375 new issuers listed, a 153.4% increase from 148 in 2024 [7]. - Total financings raised year-to-date in 2025 reached approximately $23.26 billion, a 44% increase from $16.15 billion in 2024 [7]. TSXV Summary - TSXV had 2 new issuers in December 2025, compared to 3 in November 2025 and 2 in December 2024 [4]. - Total financings raised in December 2025 were approximately $1.57 billion, a 14% decrease from the previous month but a 222% increase from December 2024 [4][8]. - The total number of financings in December 2025 was 123, down from 153 in November 2025 and up from 120 in December 2024 [4][8]. - Year-to-date statistics for 2025 indicate 38 new issuers listed, a decrease of 20.8% from 48 in 2024 [9]. - Total financings raised year-to-date in 2025 reached approximately $10.09 billion, a 114.7% increase from $4.70 billion in 2024 [9]. Market Capitalization - The market capitalization of listed issues on TSX reached approximately $6.28 trillion in December 2025, up from $4.90 trillion in December 2024, reflecting a 28.1% increase [6][7]. - TSXV's market capitalization was approximately $142.03 billion in December 2025, an increase of 59.9% from $88.81 billion in December 2024 [8][9].