Lombard Odier表示，美国总统特朗普关税措施的"冲击"可能会促使日本央行在2025年维持利率不 变。"如果关税冲击消退，并且日本的贸易超过其在亚洲的出口竞争对手，"日本央行可能会在2026年上 半年加息，全球首席投资官Michael Strobaek在报告中写道。Lombard认为，汽车以外的大多数出口产品 被征收10%的关税是可实现的最佳结果。 ...

美联储理事沃勒：如果关税措施增加，预计裁员情况可能会再次出现。 ...

Financial Data and Key Metrics Changes - The company reported a 6% growth in global shipments and a 16% increase in adjusted EBITDA compared to the previous year, exceeding initial guidance [5][19] - Adjusted EBITDA growth was driven by higher volumes and improved fixed cost absorption [5][19] - The liquidity position at the end of the quarter was $570 million, with a net leverage ratio of 5.5 times net debt over the last twelve months adjusted EBITDA, improved from 6.2 times in Q1 2024 [15][16] Business Line Data and Key Metrics Changes - In Europe, Q1 revenue increased by 10% to $528 million, or 14% on a constant currency basis, with shipments growing by 5% [10] - In the Americas, revenue rose by 12% to $740 million, with adjusted EBITDA increasing by 16% to $106 million due to favorable volume growth [11] - North American shipments increased by 8%, driven by strong demand for nonalcoholic beverages, particularly energy drinks [12] Market Data and Key Metrics Changes - The beverage can continues to gain market share in customers' packaging mix across all markets [6][19] - In Brazil, beverage can shipments increased by 4%, outperforming the industry, which grew modestly [13] - The company anticipates shipments growth in the Americas segment of low to mid single digits for 2025, an increase from previous guidance [13] Company Strategy and Development Direction - The company expects minimal impact from tariff measures due to the regional nature of its suppliers and customers [6][19] - There is a focus on customer innovation favoring beverage cans, which supports continued favorable shipment growth [7][19] - The company is targeting high-return projects to increase capacity and flexibility in Europe, reflecting the need for additional capacity to meet market growth [96][98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite a dynamic macro environment, with expectations for continued favorable shipment growth [5][19] - The company upgraded its full-year guidance for shipments growth to 3% to 4% and adjusted EBITDA to a range of $695 million to $720 million [19][20] - Management remains cautious about the back half of the year due to potential macroeconomic volatility [80][92] Other Important Information - The company announced a quarterly ordinary dividend of $0.10 per share, with no changes to its capital allocation policy [17] - The company expects adjusted free cash flow for 2025 to be at least $150 million, with maintenance CapEx around $135 million [16][17] Q&A Session Summary Question: Trends in April and potential impacts from tariffs - Management noted no changes in April trends and attributed the guidance upgrade to continued sales momentum, particularly in North America [22][23] Question: Confidence in North American energy market recovery - Management expressed confidence in a broad-based recovery in the energy category, with strong growth from both traditional and innovative players [27][29] Question: Customer mix issues in Brazil - Management acknowledged volatility in Brazil but noted a strong performance in March, indicating a positive outlook despite caution [39][40] Question: Competitive landscape and contract renewals - Management indicated no material risks to volumes or margins from the competitive environment, with ongoing discussions about contract renewals progressing well [66][68] Question: Long-term growth outlook and beer category performance - Management remains optimistic about North American growth, suggesting potential recovery in the beer category if domestic brands regain market share from imports [104][105]

日本财务大臣加藤胜信：许多国家提及美国关税措施。 ...

IMF首席经济学家Gourinchas：如果关税措施持续实施，长期来看将对所有地区产生负面影响。 ...

Core Viewpoint - Johnson & Johnson (JNJ.US) is set to kick off the Q1 2025 earnings season for the U.S. pharmaceutical industry on April 15, 2025, with significant market focus on the impact of tariff measures from the Trump administration on the pharmaceutical sector [1] Financial Performance - Goldman Sachs projects Johnson & Johnson's Q1 total revenue to be $21.5 billion, slightly below the market consensus of $21.6 billion, with innovative pharmaceuticals expected to generate $13.5 billion and medical technology $8 billion [2] - The expected adjusted EPS for Q1 is $2.47, lower than the consensus estimate of $2.57, while the gross margin is anticipated to be 74.6%, in line with expectations [2] - For the full year 2025, Goldman Sachs forecasts total revenue of $90.7 billion, exceeding the consensus of $90.2 billion, with an adjusted EPS of $10.41, slightly below the consensus of $10.50 [2] Business Segments - In the innovative pharmaceuticals segment, management is expected to highlight strong performance from next-generation products, particularly Icotrokinra for ulcerative colitis, and position Tremfya as a potential $10 billion opportunity [3] - The medical technology segment will see market focus shift between macroeconomic outlook and specific market dynamics, with attention on service utilization and capital spending trends, as well as competition in areas like electrophysiology and orthopedics [3] Investment Outlook - Goldman Sachs maintains a "Buy" rating on Johnson & Johnson with a 12-month price target of $172, indicating a potential upside of approximately 13% from the recent closing price [4] - The optimistic valuation reflects confidence in the pharmaceutical business and the company's defensive characteristics, despite acknowledging risks such as slower new product launches and uncertainties related to litigation [4]

金十数据4月14日讯，日本首相石破茂14日在众院预算委员会就美国特朗普政府采取关税措施后的对美 谈判表示，"我并不认同不断妥协、尽快谈拢就是好的做法"，认为应避免仓促下定论。他表示想根据特 朗普的发言意图"进行前所未有的精细化分析后做出应对"，并强调"两国未来能为世界做些什么？为此 而重新构建同盟关系很重要。"石破茂还透露，正在协调14日下午就关税措施与新加坡总理黄循财举行 电话会谈。关于对美报复性关税，石破茂表示"在食品和能源价格高涨的形势下，我不认为采取报复性 关税这一手段符合日本和国民的利益"，对此持否定态度。 （日本共同社） 石破茂认为不应就美关税措施仓促下定论 ...

美国前副总统迈克.彭斯日前表示，他对本届美国政府大规模加征关税措施感到担忧，称这种做法是"失 策"。彭斯9日接受美国《国会山报》采访时说，尽管美国政府已撤回部分对盟友施加的最严厉关税措 施，但其激进的关税政策仍可能给共和党中期选举带来潜在风险。(新华社) ...

Group 1 - New Zealand's central bank has lowered its official cash rate by 25 basis points to 3.5% as of April 9 [2] - Uruguay's central bank has raised its monetary policy rate by 25 basis points from 9.00% to 9.25% on April 8, citing increased global uncertainty and risks of economic slowdown [3] - The rate hike in Uruguay aims to guide inflation and its expectations towards an annual target of 4.5% [3] Group 2 - A-shares have seen a significant rally, with one index surging by 7% [5] - There are reports of increased buybacks and share repurchases by A-share companies, indicating strong market support [5] - State-owned enterprises in Shanghai and Zhejiang have intervened to stabilize the stock market [5]

美国贸易代表贾米森·格里尔：越南意识到它是美国总统特朗普关税措施的主要目标。 ...