Group 1: Political Landscape in Lebanon - Saad Hariri emphasizes the importance of national sovereignty and positions his Future Movement as a "safety valve" for Lebanon during a significant anniversary speech [2] - Hariri's return to political activity follows a suspension in 2022, citing state dysfunction and external influences, and he expresses optimism for Lebanon's future [2] - High-level diplomatic meetings with U.S. and French ambassadors indicate Hariri's continued relevance as a moderate voice in Lebanon's Sunni political landscape [3] Group 2: Brazilian Tourism and Economic Impact - São Paulo has been recognized as the world's best city for nightlife in the 2026 World's Best Cities report, enhancing its appeal as a tourist destination [4][8] - The upcoming Carnival 2026 season is projected to see a 22.6% increase in foreign arrivals compared to the previous year, providing a boost to Brazil's tourism sector [5][8] - The tourism sector contributed $7.865 billion to the Brazilian economy over the past year, marking a 7.1% year-over-year increase, benefiting major companies like Ambev and Azul S.A. [6][8]

Core Viewpoint - The recommendation for the iShares MSCI Brazil ETF (NYSEARCA: EWZ) has been raised from hold to buy, indicating a positive outlook for the investment opportunity in the Brazilian market [1]. Group 1: Investment Thesis - The article serves as a continuation of the initial coverage thesis published on March 27, 2024, reflecting an ongoing analysis of the Brazilian equity market [1]. - The analyst has over 7 years of experience in equity analysis specifically focused on Latin America, which adds credibility to the insights provided [1]. Group 2: Research and Insights - The company aims to provide clients with in-depth research and insights to facilitate informed investment decisions, highlighting the importance of thorough analysis in the investment process [1].

分组1 - Raymond James Financial, Inc. reported quarterly earnings of $2.86 per share, missing the analyst consensus estimate of $2.88 per share [1] - The firm reported quarterly sales of $3.735 billion, which also fell short of the analyst consensus estimate of $3.92 billion [1] - Raymond James Financial shares gained 0.9% to close at $167.34 [4] 分组2 - iShares U.S. Aerospace & Defense ETF was selected as a final trade by Partners Group's chief investment strategist [2] - iShares MSCI Brazil ETF was named by Hightower Advisors' chief investment strategist [2] - Vulcan Materials Company was recommended by Virtus Investment Partners' senior managing director [2] 分组3 - B. Riley Securities analyst initiated coverage on Vulcan Materials with a Buy rating and set a price target of $345 [3] - Vulcan Materials shares rose 1.8% to close at $305.92 [4] - iShares U.S. Aerospace & Defense ETF fell 0.5% during the session [4] - iShares MSCI Brazil ETF gained 1.1% during the session [4]

分组1 - The options market experienced a slow trading day with a volume of 50.92 million, below the 30-day average of 59.63 million, indicating a cautious sentiment among investors [1] - Call options outnumbered put options by 1.5 times, suggesting that bullish sentiment remains strong in the near term [1] - ETF options accounted for 54% of the total volume, with 32 put options showing unusually high activity, having volume-to-open-interest ratios of 10.0 or higher [1] 分组2 - The SPDR Gold Trust (GLD), iShares MSCI Brazil ETF (EWZ), and VanEck Semiconductor ETF (SMH) have all increased by at least 10% over the past month, significantly outperforming the SPDR S&P 500 ETF Trust (SPY), which gained only 0.7% [2] - GLD has total assets of $185.92 billion and has seen a significant price increase from $191.17 at the end of 2023 to $494.56 recently, with early Thursday trading showing prices above $500 [4] - Investors are increasingly purchasing gold as a hedge against the weakening U.S. dollar, with experts noting that dollar weakness is driving up gold prices [5]

Group 1 - Brazilian equities are entering 2026 with a more nuanced but still constructive outlook after a strong rally in 2025 driven by flows [1] - The investment thesis for the iShares MSCI Brazil ETF (EWZ) has shifted away from distressed valuations [1] Group 2 - The analysis focuses primarily on Brazilian and Latin American stocks, with occasional insights into global large caps [1]

Core Insights - The iShares MSCI Brazil ETF (EWZ) is designed to provide market-cap-weighted exposure to Brazil's large- and mid-cap equities, covering approximately 85% of the investable market in Brazil [1] Group 1: Index Methodology - The underlying index is the MSCI Brazil 25/50 Index, which follows MSCI Global Investable Market Index standards, including foreign-ownership adjustments and liquidity screens [1] - A 25/50 capping optimization is applied quarterly to comply with U.S. RIC concentration limits, ensuring no single issuer exceeds 25% and the aggregate weight of issuers over 5% remains at or below 50% [1] - Group entities are capped at the group level, and weights reflect free float and investability adjustments, with corporate actions flowing through from the parent [1] Group 2: Portfolio Management - Buffers at quarterly reviews help limit turnover while maintaining concentration constraints [1]

Core Insights - Wall Street faced significant volatility in 2025, while international markets showed stability or growth, driven by trade uncertainties under the Trump administration impacting the U.S. economy more severely than international markets [1] U.S. vs International Market Performance - The Roundhill Magnificent Seven ETF (MAGS) increased by 23.9% in 2025, while the SPDR S&P 500 ETF Trust (SPY) rose by 16.4%. The tech-heavy Invesco QQQ Trust (QQQ) gained approximately 21%, and the SPDR Dow Jones Industrial Average ETF Trust (DIA) advanced by 13.5% [4] - International ETFs outperformed U.S. benchmarks, with the Vanguard Tax Managed Fund FTSE Developed Markets ETF (VEA) up 29.6%, iShares Asia 50 ETF (AIA) up about 40%, and iShares MSCI Eurozone ETF (EZU) up 36.2% [5][11] Valuation Comparisons - International markets were generally undervalued compared to U.S. stocks, with the P/E ratio of the iShares MSCI Eurozone ETF (EZU) at 17.68X compared to the Vanguard S&P 500 ETF (VOO) at 28.86X [6] - Other international ETFs like iShares MSCI Japan ETF (EWJ) had a P/E ratio of 16.33X, and iShares China Large-Cap ETF (FXI) traded at 10.69X, indicating lower valuations compared to U.S. counterparts [7] Economic Policies Impacting Performance - The European Central Bank engaged in rate cuts earlier in 2025, while India and China implemented various policy stimuli. In contrast, the U.S. focused on budget cuts and reduced federal expenditures, with the Federal Reserve enacting three rate cuts starting in September [8][9] High-Dividend ETFs Performance - High-dividend global ETFs showed strong returns, with First Trust Developed Markets ex-US AlphaDEX Fund (FDT) up 46%, iShares MSCI Israel ETF (EIS) up 45.1%, and iShares International Select Dividend ETF (IDV) up 42.4% [13][14][15]

Group 1 - The article does not contain relevant content regarding company or industry insights [1]

Core Points - The U.S. has lifted sanctions on Brazilian Supreme Court Justice Alexandre de Moraes, indicating a diplomatic reset with Brazil as relations improve under President Luiz Inacio Lula da Silva [1][2] - The sanctions were initially imposed under the Global Magnitsky Act and were also lifted for Moraes' wife and a financial entity linked to his family [3] - The lifting of sanctions follows a phone call between Trump and Lula, which was described as "productive," and comes alongside the rollback of U.S. tariffs on Brazilian goods [5][6] Sanctions Context - The sanctions were imposed by the Trump administration, which accused Moraes of abusing judicial power during the prosecution of former President Jair Bolsonaro [3][4] - Moraes oversaw the case that led to Bolsonaro's conviction for attempting to overturn the 2022 election results [2] Market Reaction - Brazilian markets showed a modest positive reaction, with the iShares MSCI Brazil ETF gaining 0.48% during regular trading and 0.18% in after-hours trading [7]

Core Insights - Brazil's stock market has shown strong performance in 2023, with the iShares MSCI Brazil ETF (NYSEARCA: EWZ) increasing by 48% year-to-date, ranking it as the 11th best-performing market globally as of December 2 [1] Group 1: Market Performance - The iShares MSCI Brazil ETF (EWZ) has risen significantly, indicating robust investor interest and market confidence in Brazil [1] - Brazil's performance in dollar terms highlights its attractiveness compared to other global markets [1] Group 2: Analyst Background - Ian Bezek, a former hedge fund analyst, has extensive experience in Latin American markets, focusing on countries like Mexico, Colombia, and Chile [1] - The analyst specializes in identifying high-quality compounders and growth stocks at reasonable prices in both the US and developed markets [1]