·西太平洋银行：澳大利亚三季度GDP增速超预期，内需创12年最强 ·三菱日联银行：美联储主席人选更迭强化降息预期，美元承压 ·Investinglive分析师指出，日本最新数据显示，东京11月核心CPI同比上涨2.8%，连续高于央行2%的通 胀目标，叠加工业产出超预期回升，正强化市场对日本央行在未来数月重启加息周期的预期。日元跌至 10个月低点，加剧进口和食品价格上行压力；而政府内部对加息时机存在分歧，首相高市早苗部分顾问 主张在消费疲软与三季度经济萎缩背景下暂缓行动。在通胀顽固、日元疲软及薪资增长可信度提升的三 重支撑下，日本央行政策委员会倾向更早收紧货币政策。市场普遍预计，加息窗口已打开，可能于12月 或2026年初落地。 ·野村证券报告指出，印度通胀持续温和，为央行在12月5日政策会议上降息打开窗口。该行将此次会议 降息25个基点的概率上调至65%，维持利率不变的概率为35%。报告称，当前通胀水平已低于印度央行 的中期预测，且未来价格涨幅有望进一步放缓。不过，鉴于GDP增长仍具韧性、银行存贷比高企及外汇 市场波动风险，央行也可能选择观望，以择机最大化政策效果。野村维持对印度终端利率5.00%的预 测，意 ...

Money managers that retreat from sustainable investment pledges are increasingly being turned away when they pitch themselves to major asset owners in Europe, according to the chief executive of Federated Hermes https://t.co/bM1ooNgkd9 ...

Summary of Federated Hermes M&A Conference Call Company and Industry Overview - **Company**: Federated Hermes (NYSE:FHI) - **Acquisition Target**: FCP Fund Manager LP, a U.S.-based real estate investment manager - **Industry**: Real Estate Investment Management Key Points and Arguments 1. **Acquisition Details**: Federated Hermes has entered into a definitive agreement to purchase an 80% controlling interest in FCP for up to $331 million, which includes $215.8 million in cash and $23.2 million in stock, with potential contingent consideration of up to $92 million based on financial performance [3][16][17] 2. **Strategic Rationale**: The acquisition aims to expand Federated Hermes' private markets real estate business into the U.S., particularly in the multifamily housing sector, which is experiencing strong fundamentals and growth opportunities [3][4] 3. **FCP's Investment Focus**: FCP has approximately $3.8 billion invested in U.S. multifamily real estate and has raised over $6.3 billion in equity capital since its founding in 1999 [4][9] 4. **Management Structure**: Post-acquisition, FCP's management team will retain a 20% ownership stake, ensuring alignment of interests between Federated Hermes and FCP [17][18] 5. **Projected Financial Impact**: The transaction is expected to result in approximately $0.04 of EPS accretion in 2026 and $0.13 in 2027, excluding transaction expenses [18] 6. **Market Positioning**: Federated Hermes will have a global real estate platform with over 130 professionals managing approximately $9.3 billion in assets under management (AUM) post-acquisition [7] 7. **Employee Retention**: Federated Hermes expects to retain all FCP employees, fostering continuity and stability within the organization [8] 8. **Future Growth Opportunities**: The partnership is expected to enhance FCP's growth trajectory by leveraging Federated Hermes' global distribution channels and capital resources [12][15] Additional Important Insights 1. **Cultural Alignment**: Both companies emphasize a strong cultural fit, which is seen as critical for the success of the partnership [12][18] 2. **Investment Strategy**: FCP focuses on acquiring Class B and C moderate-income housing and has a hands-on investing approach utilizing proprietary data analytics [11][12] 3. **Market Demand**: There is a strong demand for private real estate investments, particularly in the U.S., with institutions showing continued interest despite macroeconomic challenges [64][66] 4. **Fundraising Expectations**: FCP's next flagship fund is expected to be marketed in late 2026 or early 2027, with the previous fund being approximately $1.1 billion [31][32] 5. **Transaction Process**: The acquisition was competitive, with multiple offers considered, but Federated Hermes was selected due to cultural alignment and strategic fit [60][61] This summary encapsulates the essential details and insights from the Federated Hermes conference call regarding the acquisition of FCP Fund Manager, highlighting the strategic importance of the deal and its anticipated impact on both companies.

Market Analysis & Trends - The market is currently bearish, with lower highs on the one-month view, but the weekly chart shows RSI at oversold levels, similar to October 2024 [1] - Bitcoin's performance is crucial, acting as a primary driver for the broader cryptocurrency market, including HBAR [1] Hedera (HBAR) Specifics - HBAR is currently around $0.165, with potential retesting of the lower trend line around $0.14-$0.145; key support levels to watch are $0.14 and $0.13 [1] - Hedera Foundation sent 250 million HBAR to a staking account (wallet ID 0.0.800) to drive both institutional and retail adoption [9] - New institutional-grade DeFi protocols are expected to launch on Hedera in Q1 2026 [11] Institutional Adoption & Tokenization - Arktix expanded its collaboration with Hedera, working with Federator Hermes to offer UCITS money market funds in tokenized form [1] - Federated Hermes, with $634.4 billion in money market assets under management and $830 billion total assets as of December 31st of last year, is involved in tokenizing money market funds on Hedera [1][3] - USDC on Hedera jumped by 7.8 million, reaching $172.1 million, with over 100% growth in the last month and 93% in the last week [6] DeFi Ecosystem Growth - Staking is highlighted as a significant component of the DeFi space, with liquid staking being a major player in TVL [13][14] - Hashport Network launched a faucet to provide users with a small amount of HBAR to cover initial fees for exploring DeFi on Hedera [20] - SaucerSwap Labs, a leading DEX on Hedera, crossed $4 billion in trading volume, climbing 88% to $974 million, while TVL grew 67% to $99 million in Q3 [20][21]

Core Insights - The company recently engaged in a deep discussion with Baron Capital and Federated Hermes regarding its market share, domestic and international market development, and product technology [1][2] Group 1: Market Position and Competition - The company's market share in domestic sales volume for distribution switches is relatively high, but its sales revenue market share is lower due to a lower proportion of high-end products [3] - Competitors have advantages in high-end products and export markets, particularly in areas such as 500kV and above, industrial rectifiers, and ultra-high voltage products [3] - The domestic market has potential for growth as traditional oil-immersed switches transition to vacuum switches, but the high-end market replacement will take time due to the current high proportion of lower-end products [3] Group 2: Business Development and Strategy - The company has made progress in its ultra-high voltage business, with previously delivered products now operational and stable [3] - The domestic revenue growth was approximately 5% in the first half of the year, influenced by last year's delayed projects and rapid installation of new energy [3] - The company is expanding its overseas presence, with plans to establish local sales and service teams in markets that can contribute stable revenue [3] Group 3: Financial Performance and Capital Expenditure - The company maintains a fixed annual capital expenditure for R&D and production upgrades, with significant investments made in 2020-2021 for a comprehensive upgrade of its production base [3] - The company has a healthy financial status, with annual collections often exceeding sales, and plans to use part of its cash for dividends or suitable overseas acquisitions [3] - The company has committed to a cash dividend of no less than 60% of distributable profits in its 2023-2025 shareholder return plan, supported by strong cash reserves and performance growth [3]

Group 1: ETF Innovation in the US - In the past three weeks, 91 new ETF products were launched in the US, indicating an accelerated pace of issuance [1][2][4] - Notable new products include Amplify Ethereum and various leveraged inverse ETFs targeting sectors like energy and technology [1][4] - The diversity of cryptocurrency-related products has increased, with regulatory attitudes becoming more favorable [4][5] Group 2: Fund Flows and Performance - In the last month, US ETFs saw inflows of nearly $180 billion, with stock products accounting for over $100 billion of this total [9][12] - iShares S&P 500 ETF IVV experienced significant inflows, surpassing $40 billion, while Bitcoin and gold products also saw notable inflows [12][13] - Aerospace and defense ETFs have performed exceptionally well, with some products showing returns exceeding 80% this year [14][15] Group 3: Recent Fund Launches - New fund managers like Liberty One have launched dividend-focused ETFs, while Global X introduced semiconductor and quantum computing ETFs [8][9] - ARK has entered the buffer ETF market with its DIET series, which offers unique exposure to market downturns [5][7] - Federated Hermes launched a market-neutral ETF utilizing a quantitative approach to optimize its portfolio [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past three weeks, the US issued nearly 100 new ETF products, with the product issuance speed further increasing [1][6]. - The capital inflow into US ETFs has remained at a high level. In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products [1][18]. - Aerospace and defense ETFs listed in the US have performed well, with the technology - related product SHLD and European - themed products seeing gains of over 80% [1][23]. - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The redemption pressure eased that month [1][24]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Nearly 100 Products Issued in 3 Weeks - In the past three weeks, the US issued a total of 91 new products, including single - stock leveraged inverse products, leveraged inverse products in the Top5 series targeting popular sectors, and products related to digital currencies [6][10]. - ARK started issuing the DIET series of Buffer ETFs, which have different structures from traditional Buffer products [11]. - Federated Hermes issued a market - neutral ETF at the end of September, using an active quantitative combination method [16]. - Rayliant and ChinaAMC issued the ChinaAMC Transformative China Tech ETF on September 26, tracking an index composed of about 100 Chinese technology - related companies [1][16]. - New managers such as Liberty One and Raymond issued dividend - related strategy products [17]. - Global X and Wisdomtree issued semiconductor and quantum computing ETFs, and military - themed products have attracted high attention [17]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Capital Inflow Remains at a High Level - In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products. The iShares S&P 500 ETF IVV had an inflow of over $40 billion in the past month, surpassing SPY in scale [18][20]. - Bitcoin and gold products had obvious inflows, while many leveraged products had significant outflows [20]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Perform Well - Due to the complex global situation this year, aerospace and defense ETFs listed in the US have performed well. The technology - related product SHLD and European - themed products have seen gains of over 80% [23][24]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The scale of domestic stock products increased by 1.62%, and the redemption pressure eased [24]. - In the past four weeks, the outflow level of domestic stock funds in the US has been relatively stable, with outflows exceeding $20 billion in three weeks, while bond products have had stable inflows [25].

Market Performance & Valuation - Russell 2000 outperformed the S&P 500 by 41% versus 35% in 6 months since "Liberation Day" [2] - Small caps have underperformed the S&P 500 for the last 10 years, leading to historically cheap valuations [3] Earnings & Growth - Small caps experienced an earnings recession since 2022 [4] - Forward estimates for small caps saw significant cuts, potentially setting up a positive environment [4] - Earnings are pivoting positive, which is expected to drive stock prices up [5] IPO & Takeouts - September saw one of the biggest IPO markets on record [5] - Federated Kaufman Small Cap Fund has had nine takeouts this year [6] Interest Rate & Economic Outlook - Federated anticipates the market reaching 8,700 by 2027 [7] - The expectation is that the Fed will cut interest rates due to lower inflation and wage growth [7] - A low inflation, Goldilocks growth environment, supported by technology, is expected to benefit longer duration assets like small caps [8] Stock Highlight - Centuri (CTRI) is highlighted as a small cap company benefiting from increased electricity demand due to AI and data centers [8][9]

Market Overview & Outlook - Equity market experienced a phenomenal recovery, with low stocks up 38% since Liberation Day [1] - A potential 5-10% correction is possible, considering the S&P's forward multiples at approximately 22 times earnings and the 10-year Treasury yields slightly above 4% [2] - The market is expected to see a rolling rotation, with profit-taking from the "Magnificent Seven" benefiting small-cap, value, and international stocks [3] Earnings & Revenue Performance - Second-quarter revenues increased by 6% year-over-year, and earnings increased by 12% year-over-year, both exceeding expectations [4] - Third-quarter revenues are projected to increase by approximately 6-7%, with earnings expected to show solid double-digit growth [4] - Federated Hermes is reevaluating and increasing its earnings estimates for the remainder of the current year and the following year [5] Economic Indicators & GDP - The U S GDP estimate for the next year is 28%, while the blue-chip consensus is 15% [6] International Markets - International stocks are considered attractive due to valuations being 40% cheaper than domestic stocks, compared to a typical discount of 20% [8] - The dividend yield on international stocks is approximately 29%, significantly higher than the S&P's 12% [8] - A weak dollar and accommodative foreign central banks are expected to facilitate stronger economic and earnings growth in international markets [9] - The company maintains an overweight position in international assets, viewing them as a favorable subcategory [10]

Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. 00:00:00 Bloomberg Surveillance 00:03:41 Steve Chiavarone, Federated Hermes 00:18:14 Tobin Marcus, Wolfe Research 00:25:04 Morning Movers 00:26:31 On Our Radar 00:29:14 Waldemar Szlezak, KKR 00:42:28 Joe Davis, Vanguard 00:53:06 Evan Brown, UBS Asset Management 01:06:14 Ashley Davis, s-3 Gr ...