Good afternoon, and welcome to the Alcoa Corporation third quarter 2024 earnings presentation and conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I woul ...

V i e w p o i n t | 11 Oct 2024 11:06:22 ET │ 13 pages US Oil Services and Exploration & Production What Are Clients Asking? Details on EXE Financials CITI'S TAKE One question we've received this week has been – how does Expand Energy perform from here? We see the upcoming print as relatively uneventful on standalone 3Q with production and capital spending near the top of the range (see here). Looking further out, we see their FY2025 production averaging ~7.1bcfe/d, but exiting at ~7.5bcfe/d on D&C capital ...

Viewpoint | │ 10 pages US MedTech 3Q24 Preview: It Can't be as Bad as 2Q24, Right? RELATED: US MedTech: 3Q24 Preview: It Can't be as Bad as 2Q24, Right? | US Joanne WuenschAC +1-212-816-9606 joanne.wuensch@citi.com MedTech: Diabetes Tracker: Dexcom Recovering from 2Q24 and Leading in DTC | US MedTech: Diabetes Survey Shows Stable End Markets, GLP-1 and DTC Optimism CITI'S TAKE After a difficult 2Q24, we enter 3Q24 season with our Preview, a Diabetes Survey, and a new product – a Diabetes Tracker. In the Pre ...

Investment Rating - The report suggests a positive outlook for equities in the context of the upcoming US elections, indicating a potential for strong performance despite entering a period of uncertainty [2][3][24]. Core Insights - The macro outlook has shifted from concerns of a hard landing to a "no landing" scenario, with strong payroll data supporting a soft landing as the base case [7][12]. - Election trades should align with macroeconomic trends, favoring breakevens, steepeners, long USD against EUR, and US equities over European stocks due to tariff risks [2][3][12]. - The composition of the government post-election will significantly influence fiscal policies and market reactions, particularly regarding tariffs and tax rates [3][12][13]. Summary by Sections Economic Outlook - The labor market shows signs of strength, with September payrolls exceeding expectations, leading to a reassessment of the Federal Reserve's potential actions [7][12]. - Despite a strong labor market, concerns about inflation and fiscal risks remain prevalent, particularly with a potential unified government [3][12]. Election Dynamics - The presidential race is highly competitive, with VP Harris and former President Trump closely matched in polls, impacting market sentiment and trading strategies [10][19]. - Polling data indicates that economic issues are a primary concern for voters, which could influence election outcomes and subsequent market reactions [8][10]. Policy Implications - Trump's proposed policies include significant tax cuts and tariffs, which could lead to increased deficits, while Harris's policies focus on raising corporate taxes and expanding tax credits [12][14]. - The report highlights that neither candidate has a clear plan to address the rising national debt, which could have long-term market implications [12][14]. Market Reactions - Historical data suggests that election years typically see strong equity performance, particularly when an incumbent is involved, although this year presents unique challenges due to the lack of an incumbent [24][25]. - The report anticipates increased volatility in financial markets as Election Day approaches, with a focus on relative value plays across sectors and currencies [21][22].

Good day everyone and welcome to Bank of America's earnings announcement. At this time all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and 1 on your telephone keypad. You may withdraw yourself from the queue by pressing the pound key. Please note this call may be recorded. I will be standing by if you should need any assistance. It is my pleasure to tur ...

Europe Equity Research 11 October 2024 J P M O R G A N EMEA Metals & Mining Weekly wrap - Orders of Magnitude: China stimulus vs US tariffs. Reduce exposure to European Mining & Steel pre-US election | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report does not explicitly provide an investment rating for the emerging markets sector Core Insights - Emerging market (EM) bond fund inflows increased to $803 million this week, up from $539 million, while equity inflows rose to $9.8 billion, the largest weekly inflow since tracking began in October 2000 [2][3] - Year-to-date flows for EM bonds and equities are at -$12.7 billion and -$2.2 billion, respectively [2][3] - Non-resident EM portfolio flows showed significant outflows from India, totaling -$3.2 billion, while Hungary led outflows with -$447 million [3] Summary by Sections EM Bond Flows - EM bond flows were $803 million this week, with local currency inflows at $405 million and hard currency inflows at $399 million [2][3] - ETF outflows accelerated to -$11 million, while non-ETF inflows rose to $814 million [2][3] - Within local currency, EM ex-China saw inflows of $407 million, while China-focused funds experienced outflows of -$2 million [2][3] EM Equity Flows - EM equity funds saw inflows of $9.8 billion this week, an increase from $7.2 billion [2][3] - ETFs contributed significantly with inflows of $10.1 billion, while non-ETFs had outflows of -$292 million [2][3] - Regional breakdown showed Asia ex-Japan with inflows of $9.2 billion, while EMEA and Latam had outflows of -$52 million and -$46 million, respectively [2][3] Global Cross-Asset Funds - US high-grade (HG) fund inflows were $4.6 billion, down from $5.8 billion, while US high-yield (HY) fund outflows increased to -$318 million [2][3] - Non-resident EM portfolio flows indicated a trend of outflows, particularly from local bonds [3] High-Frequency Trends - EM retail bond fund flows showed a weekly increase to $803 million, with hard currency at $335 million and local currency at $341 million [12][13] - EM retail equity fund flows reached $9.79 billion, with significant contributions from regional funds [30][39] - EM Asia ex-Japan hard currency bond funds saw inflows of $17 million, with a year-to-date cumulative flow of -$3.5 billion [20]

中国股票有吸引⼒但投资 管理⼈在美国⼤选前保持谨慎 portrait before an interview with Reuters in New York City · Reuters 柯桂清 2024 年 10 ⽉ 15 ⽇星期⼆下午 1:20 MDT 2 分钟阅读 纽约（路透社）⼀位投资顾问表⽰，公募和私募基⾦的资产经理认为，某些中国股票的交易价格很有吸引⼒，但由 于即将到来的美国⼤选的不确定性，他们⽬前还不会买⼊。 加州教师退休系统（CalSTRS）前⾸席投资官克⾥斯托弗·艾尔曼（Christopher Ailman）表⽰，中国是他上周在 300 俱乐部为⼗ 多位基⾦经理举办的例⾏讨论的焦点。300 俱乐部在其⽹站上⾃称是⼀群顶尖投资专业⼈⼠，旨在提⾼⼈们对当前投资问题的认 识。 该⼩组由来⾃全球投资基⾦的代表组成， 法国资产管理公司 Amundi 管理着 2.16 万亿欧元，加拿⼤养⽼⾦计划管理着 6,323 亿美元。 当联系到该组织的⼀位代表时，他表⽰没有什么可补充的。 艾尔曼表⽰，尽管此次谈话的本意是讨论如果以⾊列和伊朗之间的紧张局势恶化，投资者将⾯临的⻛险，但当投资 者意识到伊朗出⼝的⽯油⼤ ...

Investment Rating - The report maintains a market weight (MW) rating across emerging markets (EM) fixed income due to the upcoming binary risk event of the US elections [4][11]. Core Insights - EM fixed income markets are not pricing sufficient risk premia ahead of the US elections, despite stronger short-term economic activity indicators that are favorable for EM credit [4]. - EM GDP growth is projected to accelerate to 4% annual rate in 4Q24, up from 2.3% in 2Q/3Q24, primarily due to reduced downside risks in China [14]. - The report highlights that risks from US growth, Federal Reserve policy, and the presidential election are more significant for EM growth moving forward [5][16]. Summary by Sections Macro Developments - EM GDP growth is expected to rise to 4% annual rate in 4Q24, with limited positive spillovers to other EM regions [5][14]. - The US growth outlook, Fed policy, and the presidential election are critical factors influencing EM growth [5][16]. Trading Themes - The report adopts a market weight (MW) stance overall in EM local markets, with a narrow overweight (OW) position in Latin America and EMEA, and maintains MW in EM Asia [6]. - Specific recommendations include OW in currencies such as BRL, DOP, RON, TRY, ILS, EGP, and NGN, while being underweight (UW) in CNH, CZK, and PLN [6]. - In sovereigns, the report maintains MW, with OW in countries like Argentina, Brazil, Senegal, Egypt, and the Dominican Republic, while being UW in Hungary, Angola, and Uruguay [9]. Trade Recommendations - The report provides various trade recommendations, including long positions in Brazil, Turkey, and India, while suggesting bearish trades in China and Poland [8][9]. - Specific trades include long positions in local bonds and T-bills in various EM countries, with a focus on maintaining OW in select sovereigns and corporates [8][9]. Market Outlook - The report anticipates a potential slowdown in primary markets due to the sharp repricing of the US Treasury curve and the upcoming US elections [35]. - EM bond funds have seen significant inflows recently, but this trend is expected to recede as the US election approaches [31][33].

Deutsche Bank Research 7T2se3r0Ot6kwoPa North America United States Economics US Economic Perspectives Date 10 October 2024 A practitioner's guide to forecasting in unprecedented times Executive Summary: This report presents an analytical review of one of the most challenging and intense – indeed frightening – five-year episodes in US economic history: the Covid 19 pandemic and its aftermath. Our review is written through the lens of practitioners who served on the front lines of macroeconomic forecasting, ...