Summary of Key Points from the Conference Call Industry Overview - **Inflation Trends**: The Federal Reserve's inflation target appears to be structurally higher post-pandemic, with US headline CPI rising by 0.5% MoM and 3.0% YoY in January, exceeding consensus estimates of 0.3% MoM and 2.9% YoY [1][4] - **Bond Market Reaction**: Following the inflation data, the bond market experienced a sell-off, with the 10-year yield rising to 4.60%, a 95 basis point increase since the Fed began easing in September [4][5] Employment Data - **Nonfarm Payrolls**: US nonfarm payrolls increased by 143,000 in January, below the consensus expectation of 175,000, with government and healthcare/social assistance sectors accounting for 67% of job gains over the past year [4][8] Hyperscaler Investment Trends - **Capex Increase**: Hyperscalers are projected to invest US$320 billion in capital expenditures in 2025, up from US$230 billion in 2024, indicating a strong commitment to the AI arms race [10][11] - **Data Center Construction**: Private construction spending for data centers has surged by 51% over the past two years, now accounting for 38% of private office construction [14][16] Financial Implications for Hyperscalers - **Depreciation Strategies**: Companies like Meta are extending the expected life of their assets to reduce depreciation expenses, which can impact free cash flow generation [19][20] - **Market Sensitivity**: Stocks of hyperscalers remain sensitive to free cash flow deterioration, as seen with Meta's negative share price reaction to its Metaverse investments [19][23] European Market Dynamics - **Ukraine Conflict**: The potential resolution of the Ukraine conflict could benefit European stocks, particularly if Russian energy supplies resume [38][39] - **MSCI Performance**: MSCI Europe has outperformed MSCI AC World by 6.8% since late December, indicating a positive market sentiment towards European equities [39][40] Gold Market Insights - **Central Bank Purchases**: Central banks bought a net 333 tonnes of gold in Q4 2024, continuing a trend of significant gold accumulation since the onset of the Ukraine conflict [50][52] - **ETF Holdings Decline**: Gold holdings by ETFs have decreased by 843 tonnes (24.4%) from their peak in October 2020, despite rising gold prices [48][50] - **China's Gold Investment**: China has initiated a pilot program allowing insurance companies to invest up to 1% of their assets in gold, potentially translating to US$27 billion in buying power [73][74] Investment Recommendations - **Portfolio Adjustments**: GREED & fear recommends increasing allocations to both Europe and China, adjusting weightings in the Asia Pacific ex-Japan portfolio to reflect rising neutral weightings [76][77] Conclusion - The current economic landscape is characterized by rising inflation, significant investments by hyperscalers in AI and data centers, and a potential shift in European market dynamics due to geopolitical developments. The gold market remains robust, driven by central bank purchases and new investment avenues in China.

February 9, 2025 08:40 PM GMT Investor Presentation | Asia Pacific M Foundation Revival of Tech Innovation vs Tariffs Related Reports: Bull vs Bear: Revival of Tech Innovation vs Tariffs (Feb 7, 2025) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 For important disclosures, refer to the Disclosure Section, located at the end of this report. Foundation M Bull Arguments In the Ea ...

Summary of Key Points from the Conference Call Industry and Company Involvement - The conference call primarily discusses the impact of tariffs on various sectors, particularly focusing on the US Investment Grade market and its exposure to Canada, Mexico, and Europe [1][2][3][4]. Core Insights and Arguments - **Tariff Threats and Market Reactions**: Recent tariff announcements have caused market volatility, with a potential 25% tariff on Canada and Mexico, and a 10% tariff on China. The anticipated impact includes a 3.7% drag on EPS for the S&P 500 [4]. - **Sector Exposure**: Key sectors identified as most exposed to tariff risks include diversified manufacturing, construction machinery, and transportation services. Companies with below-average margins in these sectors are particularly vulnerable [3][12][20]. - **Low-Margin Issuers**: A list of low-margin issuers across various sectors has been compiled, highlighting their EBITDA margins and market values. For example, ALB in chemicals has an EBITDA margin of -14% with a market value of $1.9 billion, while CAT in construction machinery has a margin of 28% and a market value of $18.7 billion [13][15][21][26]. Additional Important Content - **Geographical Focus**: The analysis includes specific insights into the import/export volumes with Canada, Mexico, and Europe, emphasizing the sectors that would be most affected by tariff implementations [8][16][24]. - **Potential Retaliation**: The document notes that Canada and Mexico have threatened retaliation against US tariffs, which could further complicate trade relations and impact the identified sectors [4][20]. - **Future Considerations**: The ongoing discussions around tariffs suggest that credit investors should remain vigilant regarding the evolving trade landscape and its implications for margin compression in affected sectors [7][12][25]. This summary encapsulates the critical points discussed in the conference call, focusing on the implications of tariffs on various sectors and the specific companies that may be impacted.

必须拥有的员工福利 ： HR 领导者如何看 待混合工作 国际职场集团发布的年度HR领导者和混合办公报告表明，混 合办公模式是对潜在招聘人员的首要吸引力，并能导致更加 快乐、忠诚的员工队伍。 灵活性已不再仅仅是员工的"可有可无"。许多人在考 虑新角色时不会接受每天需要长时间通勤的工作— —他们希望拥有更接近居住地的工作空间，并且能 够在一个能够保持其动力和生产力的环境中工作。 了解这一点的企业在招聘方面具有显著优势。 Mark Dixon ， 国际工作场所集团创始人兼首席执行官 Introduction 混合办公是吸引和留住顶尖人才时最炙手可热的员工福利之一。如 果公司在招聘包中无法提供这一福利，他们难以吸引并保留运营 thri ving 业务所需的质量员工。国际职场集团2024年HR领导者与混合办 公报告揭示了这一关键信息。 混合办公在人才竞争中的关键重要性得到了国际 职场集团近期一项研究的第二次确认，该研究调 查了当前就业市场中内部招聘人员和猎头公司的 经验。研究揭示，那些未能提供员工所渴望的灵 活性的公司正失去大量人才。 随着少数几家公司在推行所谓的RTO强制措施方 面引起关注，我们的研究清楚地表明，员工 ...