Hello and welcome to Morning Brief Market Sunrise. I'm Ramsan Karamali live from Yahoo Finance Studios in London. It's Friday, 28th November.Coming up on the show, an outage at the CME disrupts trading across the globe. Online sales are on the rise during this critical holiday season and Apple looks set to become the world's top phone maker. So grab your coffee and let's own the morning.The first thing you need to know is that an outage at the Chicago Merkantile Exchange has disrupted trading across the glo ...

Market Disruptions - An outage at the Chicago Mercantile Exchange (CME) has disrupted global trading, affecting futures and options across various markets including bonds, equities, and commodities for several hours [2] Labor Market Insights - Goldman Sachs analysis indicates a further weakening of the labor market, coinciding with President Trump's call for reverse migration following a violent incident involving National Guard members [3][4] Holiday Shopping Trends - Online sales in the US during the Thanksgiving holiday are projected to increase by 6% year-over-year, reaching $8.6 billion, as reported by Salesforce [5] - Black Friday is expected to generate $78 billion in global online sales, with $18 billion coming from the US alone, marking it as the biggest day for online shopping [6] Technology and Consumer Behavior - The integration of AI in shopping is changing consumer behavior, allowing for more personalized gift suggestions, although tariffs and supply pressures are pushing prices higher on electronics and gaming consoles [10][14] - Apple is projected to surpass Samsung as the world's top phone maker, with an expected shipment of 243 million iPhones in 2025, giving it a market share of 19.4% compared to Samsung's 18.7% [14][15] Competitive Landscape - Apple's success is attributed to the launch of the iPhone 17 series, particularly in the Chinese market, while Samsung faces challenges from Chinese competitors in the low to mid-tier smartphone market [16] - Despite Apple's higher share prices, Samsung's stock performance has outpaced Apple's by nearly nine times in 2025 [18] Stock Market Insights - The discussion around value stocks highlights the importance of identifying stocks with low prices relative to earnings, assets, or cash flow, while being cautious of potential value traps [21][22] - Companies like Pfizer and Ford are examined for their stock performance and dividend yields, with concerns about their long-term growth prospects [28][30] AI and Debt Concerns - OpenAI's data center partners have accumulated around $100 billion in debt, surpassing the combined debt of major corporations like Volkswagen and AT&T, raising questions about the sustainability of this financial model [49][50] - HSBC warns that OpenAI's annual costs could reach hundreds of billions, while its projected revenue for the year is only around $20 billion, highlighting a significant financial gap [52] Market Predictions - Analysts predict a favorable environment for equities in 2026, with expectations of Fed interest rate cuts and a focus on growth over inflation [61]

Market Overview - Major U.S. index futures indicate a modestly higher open following a trading disruption at the Chicago Mercantile Exchange due to a "cooling issue" [1] - Recent upward momentum has contributed to a four-day winning streak for the markets, driven by renewed optimism about interest rates after dovish comments from Federal Reserve officials [2][5] Economic Data - The Commerce Department reported that new orders for U.S. manufactured durable goods increased by 0.5% in September, following a revised 3.0% spike in August, surpassing economists' expectations of a 0.3% rise [6] - Initial jobless claims for U.S. unemployment benefits unexpectedly dipped to 216,000, a decrease of 6,000 from the previous week's revised level of 222,000, contrary to expectations of an increase to 225,000 [7][8] Sector Performance - Gold stocks surged by 4.9%, driven by an increase in gold prices, while airline stocks rose by 3.2%, reaching a one-month closing high [9] - Strong movements were also observed in brokerage, steel, and natural gas stocks, contributing to the overall positive performance across major sectors [10] International Markets - Asian stocks showed mixed performance, with China's Shanghai Composite Index rising by 0.3% after JPMorgan raised its recommendation for Chinese stocks to "overweight" [14] - European stocks moved modestly higher, with the German DAX, French CAC 40, and U.K.'s FTSE 100 all up by 0.2%, amid rising expectations for a Federal Reserve interest rate cut in December [19]

Delivery Hero is facing pressure from several large shareholders to conduct a strategic review amid increasing consolidation in the food-delivery industry, people with knowledge of the matter said https://t.co/JDAaMQY8bc ...

Core Insights - Delivery Hero is one of the largest food delivery companies globally, operating in Asia, EMEA, and Latin America [1] Group 1: Company Overview - Delivery Hero has successfully reduced its debt levels, positioning itself favorably in the market [1] Group 2: Market Position - The company maintains a significant presence across multiple regions, indicating a diversified operational strategy [1]

Core Viewpoint - Delivery Hero anticipates accelerated growth in the current quarter, primarily due to a recovery in its Asian market, resulting in an 8% increase in its share price [1] Company Summary - Delivery Hero is a German online takeaway food company [1] - The company is experiencing a positive market response, with shares rising by 8% following the announcement of expected growth [1] Industry Summary - The Asian market is showing signs of recovery, which is expected to drive growth for companies in the online food delivery sector [1]

Financial Data and Key Metrics Changes - Total Payment Volume (TPV) grew by 18%, revenue increased by 10%, and net income rose by 12% [3] - Excluding the impact of smartphone supply issues, revenue would have increased by 32% and net income by 16% [3][4] - The fintech segment showed a 16% growth in Total Financial Volume (TFV) and a 24% increase in revenue [4][41] Business Line Data and Key Metrics Changes - Payments segment experienced a TPV growth of 18% and revenue growth of 10% [3][31] - Marketplace GMV grew by 12%, but would have been 20% without smartphone supply issues [3][34] - E-grocery business saw a GMV increase of 53% and transaction growth of 55% [7] - Advertising revenue grew by 56% year-over-year [13][38] Market Data and Key Metrics Changes - The smartphone supply disruption impacted GMV by approximately 8% and consolidated income by 3% [5][34] - The overall market environment is expected to improve as supply issues resolve, particularly for smartphones [6][34] Company Strategy and Development Direction - The company is focusing on enhancing its core business performance while navigating external challenges [6][49] - Plans to initiate a $400 million ADS buyback program to return cash to shareholders while investing in growth [4][49] - Emphasis on improving user experience and expanding advertising services to drive revenue growth [13][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand in the next year despite current supply constraints [5][6] - The competitive landscape remains stable, with a focus on quality service delivery rather than traditional competition [56] - Future growth is anticipated as supply issues resolve and the company continues to innovate [34][48] Other Important Information - The company is integrating new payment options and enhancing its advertising capabilities to drive engagement [12][66] - The introduction of innovative payment methods, such as "Pay by Palm," is expected to enhance consumer experience [12][13] Q&A Session Summary Question: Updates on Hepsiburada and investment levels - Management highlighted the focus on quality products and user experience as key priorities for growth, with no significant need for capital investments anticipated [53][55] Question: Advertising product growth and potential - Management indicated strong growth in advertising services, with expectations for continued acceleration as the company enhances merchant experiences [57][59] Question: Marketplace take rate increase - The increase in take rate is driven by additional services such as advertising and delivery, rather than higher seller fees [64] Question: Smartphone supply impact and trends - Management confirmed ongoing supply constraints for new smartphone models, with expectations for improvement in the coming months [70][72]

Core Insights - The report by BCG and IOM highlights the significant economic value of migration, estimating it to be around $9 trillion annually, with potential growth to between $13 trillion and $25 trillion by 2050, driven by labor shortages and demographic changes [2][11][60]. Migration Trends - As of 2022, there are over 280 million international migrants, constituting 3.6% of the global population, a significant increase from 84 million in 1970 [1][25]. - The United States remains the primary destination for migrants, hosting over 50 million in 2020, followed by Germany and Saudi Arabia [1][25]. - The COVID-19 pandemic had a minimal long-term impact on migration flows, with many countries returning to pre-pandemic levels [1][29]. Economic Impact - Migration is essential for addressing labor shortages, with over 30 million job vacancies reported in major economies, costing businesses more than $1 trillion annually [2][54]. - Migrants contribute to innovation, with companies that have a higher proportion of immigrant leadership showing a 2.2 percentage-point increase in EBIT margins and a 75% higher likelihood of being world-class innovators [2][12]. Corporate Strategies - Despite recognizing the value of global talent, only 5% of executives implement effective strategies that yield financial impact, indicating a gap between acknowledgment and action [2][40]. - The report suggests three main strategies for companies: developing a global talent strategy, deploying a global innovation strategy, and taking a stand on human rights [2][75]. Recommendations for Companies - Companies are encouraged to adopt a global talent strategy by scouting overlooked talent pools, internationalizing hiring practices, and creating supportive onboarding processes [2][78]. - A global innovation strategy should be implemented to leverage the cognitive diversity of teams, enhancing creativity and problem-solving capabilities [2][81]. - Companies should also focus on protecting migrant rights and ensuring fair treatment, aligning with international labor standards [2][86].

Core Viewpoint - The article aims to provide an updated analysis of Delivery Hero, reflecting on various developments since the last article published in February 2024, emphasizing a value investing approach focused on long-term potential rather than short-term market fluctuations [1]. Company Analysis - Delivery Hero is viewed through the lens of value investing, where the focus is on investing in great companies at a price below their intrinsic value to ensure a margin of safety [1]. - The author expresses a long-term investment philosophy, indicating that volatility is not perceived as a risk but rather as a factor to be understood when investing in businesses [1]. Investor Perspective - The article highlights the importance of understanding the businesses in which investments are made, rather than engaging in trading based on market emotions [1]. - Influential investors such as Warren Buffett, Charlie Munger, Peter Lynch, and Mohnish Pabrai are mentioned as inspirations for the author's investment philosophy [1].

Core Insights - Finmid, a European financial services infrastructure provider, is expanding its embedded lending solution to 30 European markets, including Bulgaria, Hungary, Malta, Romania, and Switzerland, providing over 32 million SMEs direct access to capital [1][3] Group 1: Expansion and Market Impact - The expansion allows platforms and merchants to unlock new revenue streams, offering SMEs opportunities to realize their potential [2] - Finmid's integration addresses a €400 billion ($468.44 billion) financing gap for Europe's SMEs, enabling platforms to offer capital on equal terms across different locations [3] - Existing partners like Wolt and Glovo plan to extend their financing solutions into the newly enabled markets, leveraging Finmid's offerings for growth [4][5] Group 2: Historical Context and Future Outlook - Since its launch in 2021, Finmid has provided over €4 billion in capital to European SMEs through partnerships with companies such as Wolt, Glovo, and Bolt [3] - The co-founder of Finmid emphasized that the expansion removes barriers for platforms to offer capital across Europe, potentially facilitating significant growth for SMEs in the next decade [4]