June 20, 2025 04:27 AM GMT Energy Sub-Sector Playbook June 2025 Marketing Deck 2025 June 19, 2025 Morgan Stanley & Co. LLC Devin McDermott Equity Analyst and Commodities Strategist Devin.McDermott@morganstanley.com +1 212 761-1125 Joe Laetsch, CFA Equity Analyst Joe.Laetsch@morganstanley.com +1 212 761-8804 Robert S. Kad Equity Analyst Robert.Kad@morganstanley.com +1 212 761-0065 Dan Kutz, CFA Equity Analyst Dan.Kutz@morganstanley.com +1 212 761-0899 Brian Gibbons, CFA Credit Analyst Brian.Gibbons@morgansta ...

J P M O R G A N Asia Pacific Equity Research 18 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Huaming Equipment - A Alan Hon (852) 2800-8573 alan.hon@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limi ...

M O R G A N S T A N L E Y R E S E A R C H Europe Morgan Stanley & Co. International plc+ European Equity Research June 18, 2025 07:25 AM GMT Alain Gabriel, CFA M O R G A N S T A N L E Y R E S E A R C H EQUITY ANALYST Alain.Gabriel@morganstanley.com +44 (0)20 7425 8959 Waiting for a demand inflection June 2025 Ioannis Masvoulas, CFA Steel: Waiting for a demand inflection EQUITY ANALYST Ioannis.Masvoulas@morganstanley.com +44 (0)20 7425 0427 +44 20 7677-2702 Global Commodities Research Adahna Ekoku EQUITY ANA ...

ab 17 June 2025 Global Research India Economic Perspectives India and gold: all that glitters Gold price rally to continue UBS's Basic Materials team forecasts the gold price to rise to US$3,500 in 2026. We believe the case for gold has become more compelling in an environment of escalating tariff uncertainty, weak growth, high inflation and lingering geopolitical risks. As most of India's gold supply is imported (87%), higher global gold prices (although we expect softer gold volume demand) imply that Indi ...

Flash | 19 Jun 2025 06:54:28 ET │ 16 pages China Materials 2025 On-ground Demand Monitor Series #89 – Aluminum Inventory and Consumption CITI'S TAKE In this series of notes, we aim to track and analyze high-frequency on- ground demand trends in China – market expectation on demand recovery has been largely cautious. In this note, we enclose weekly data from Mysteel, a consultant, on China aluminum ingot and billet production, inventory, and apparent consumption data during the week of 12th to 18th Jun 2025. ...

Our business is US only. So, uh, it shot up purchases in in April and May. A lot of buyers in the US, I think, that were waiting on purchasing a watch tended to, you know, push in the direction of transacting quicker rather than later, uh, because they're worried about the the tariffs coming into play. And then you know now coming into you know the end of June early July we're seeing a lot of the markets uh the prices are increasing for the first time in a long time because the primary brands are starting t ...

Key Takeaways HSY may face up to $100M in unmitigated costs each in Q3 and Q4 from cocoa and Canadian tariffs. HSY is pivoting to lower cocoa items and using price pack architecture to preserve consumer demand. Innovation pipelines and reduced reliance on cocoa inputs are key to HSY's cost-mitigation efforts.The Hershey Company (HSY) is facing mounting pressure from soaring cocoa prices and tariff-related impacts, with up to $100 million in potential unmitigated costs per quarter in the second half of 202 ...

Key Takeaways HD's Q1 big-ticket sales rose just 0.3%, dragging comps down 0.3% as large projects remain subdued. High interest rates continue to suppress demand for HD's kitchen, bath and exterior remodel categories. HD's financing tools, SRS acquisition and high in-stock rates aim to capture future big-ticket recovery.Although The Home Depot Inc. (HD) has seen continued strength in its smaller-scale DIY and maintenance projects like appliances, building materials and lumber, the missing catalyst for sus ...

Key Takeaways SFM expects 12%-14% sales growth in 2025, supported by store expansion and private-label traction. Target cut its 2025 EPS forecast amid weak demand, falling traffic and lower-than-expected Q1 results. SFM shares are up 27.4% YTD against TGT's 29.6% drop, with stronger earnings estimates and margin resilience.Sprouts Farmers Market, Inc. (SFM) and Target Corporation (TGT) may differ in scale and strategy, but both are key players in the retail landscape. SFM, with a market capitalization of ...

LISA: THANK YOU SO MUCH. JOINING US IS STEPHEN SHORCK. HOW LONG DO YOU THINK THAT THEY WILL LAST.IT WILL DEPEND ON FURTHER ESCALATION AND HOW LONG THE HOSTILITIES. WE ARE LOOKING AT A SITUATION OF A WAIT AND SEE. THE MARKET HAS PRICED IN GREATER VOLATILITY.WHAT WE SAW BEFORE LAST THURSDAY WAS A MARKET SWITCHING INTO THE BRENT AND WTI BEGINNING IN 2026 HAD SWITCHED TO A MARKET WHERE PRICES FOR JANUARY WERE CHEAPER THAN FEBRUARY AND SO FORTH. THIS IS A CLASSIC FUNDAMENTAL TELLTALE THAT THE MARKET IS PRICING I ...