ab Global Research owered by UBS Evidence Lab YES P 21 July 2025 First Read China Industrials Tracking trade flows amid changing US tariffs on China (week 29) Key highlights from high frequency data on trade flows We gather weekly data from UBS Evidence Lab, the Ministry of Transport and other third-party data providers to present the most recent trade flows after the US imposed high tariffs on China. We cover shipping, shipbuilding, ports, international freight flights and land transportation. Port volume ...

July 21, 2025 02:55 PM GMT Global EM Strategist Trend = Friend The USD rebound in July has been modest as policy uncertainty has offset resilient macro data. USD positioning is now neutral. We expect EM local markets to regain their footing as the medium-term trend of duration and FX gains reasserts itself. Key Takeaways The 2025 Extel Global Fixed Income Poll is now open and your participation matters a great deal to us. If you have found our Global FX and EM research insightful and helpful, we would great ...

21 July 2025 U.S. Autos & Auto Parts Stephen Reitman +44 20 7762 5535 stephen.reitman@bernsteinsg.com Steve Pereira Fernandes, CFA +44 20 7676 7254 steve.pereira-fernandes@bernsteinsg.com Saul Coleman +44 207 676 7214 saul.coleman@bernsteinsg.com U.S. Autos: The tariff strikes back - can Detroit protect its earnings? (Q2/25 Preview) Daniel Roeska +1 917 344 8577 daniel.roeska@bernsteinsg.com Christopher Gray +1 917 344 8308 christopher.gray@bernsteinsg.com Gali Salvatorelli Naraghi +44 207 676 6741 gali.sal ...

Electric vehicle (EV) and robotaxi company Tesla (TSLA -8.09%) and its CEO, Elon Musk, have had a volatile year, with Musk often finding himself under a controversial spotlight and investors and analysts torn on Tesla's future. On one hand, the company has tremendous potential with all of its future initiatives, but on the other hand it trades at a meteoric valuation. The stock is down about 13.3% (as of July 21), significantly underperforming the broader market.Meanwhile, another artificial intelligence (A ...

Core Viewpoint - Trifork Group AG has reported transactions involving shares paid as part of fixed salaries for its managerial personnel, in compliance with the Market Abuse Regulation Article 19 [1]. Group 1: Managerial Transactions - Jørn Larsen, the CEO, received shares equivalent to 25% of his fixed monthly salary, totaling 1,142 shares at a price of DKK 0 on 25 July 2025 [2]. - Kristian Wulf-Andersen, the CFO, received shares equivalent to 10% of his fixed monthly salary, totaling 304 shares at a price of DKK 0 on 25 July 2025 [3]. Group 2: Company Overview - Trifork is a global technology company listed on Nasdaq Copenhagen (TRIFOR), specializing in innovative digital products and solutions for enterprise and public sector clients [4]. - The company operates with 1,215 professionals across 71 business units in 16 countries, focusing on sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate [4]. - Trifork Labs, the Group's R&D arm, is dedicated to driving innovation by investing in and developing high-potential technology companies [4].

Core Viewpoint - Marex Group plc has agreed to acquire Winterflood Securities for approximately £103.9 million in cash, which includes a premium of £15 million, aiming to enhance its UK cash equities business and diversify earnings [1][3]. Company Overview - Marex Group plc is a diversified global financial services platform providing essential liquidity, market access, and infrastructure services across energy, commodities, and financial markets, with over 2,400 employees and access to 60 exchanges [9]. - Winterflood Securities is one of the UK's leading equity market makers, serving over 400 institutional clients and holding a market share of about 15% by volume on the London Stock Exchange [2]. Strategic Implications - The acquisition is expected to enhance Marex's existing capabilities and client base, particularly in servicing the UK institutional community, including asset and wealth management companies [3][4]. - Winterflood's proprietary technology platform and established client connectivity are anticipated to provide significant synergies and opportunities for profitability improvement within two to three years [5]. Operational Aspects - Winterflood also operates Winterflood Business Services, which offers outsourced dealing, settlement, and custody services to a diverse range of clients, including large institutions and retail aggregators [4]. - The deal is subject to regulatory approval and is expected to close in early 2026 [4].

Core Insights - Kalmar Corporation reported strong financial performance in the second quarter of 2025, with a resilient comparable operating profit margin of 13.1% and robust order intake despite geopolitical challenges [4][12][10] Financial Performance - Orders received increased by 20% year-on-year, totaling EUR 450 million, with strong growth in the Equipment segment, which saw a 28% increase [5][12][22] - Sales for the second quarter grew modestly by 1% to EUR 420 million, while the first half of 2025 saw a 4% decline in sales compared to the same period in 2024 [6][12][24] - Comparable operating profit amounted to EUR 54.9 million, reflecting a 5% increase from the previous year, with a comparable operating profit margin of 13.1% [6][12][26] - Cash flow from operations before finance items and taxes was EUR 21.9 million, with a strong cash conversion rate of 95% over the last twelve months [6][12][18] - Net debt decreased by 42% from EUR 157 million to EUR 91 million, resulting in a healthy leverage ratio of 0.4x [6][12][18] Strategic Initiatives - The company is focused on innovation and sustainability, with its eco portfolio representing 44% of total sales, which increased by 9% year-on-year [8][12][18] - Kalmar's commitment to sustainability is underscored by the approval of its science-based emissions reduction targets, aiming for net-zero by 2045 [8][12][10] - The Driving Excellence initiative has secured approximately EUR 16 million in annualized gross efficiency improvements during the first half of 2025 [6][12][10] Market Environment - Despite a strong performance, the global landscape remains volatile due to trade tensions and geopolitical uncertainties, particularly affecting demand in the Americas [7][12][10] - The demand environment was generally favorable, with strong growth in Europe and solid performance in the AMEA region, although the US market faced increased uncertainty [5][12][10] Future Outlook - Kalmar maintains its guidance for 2025, expecting a comparable operating profit margin above 12% [3][10] - The company emphasizes its strategic focus on customer proximity, sustainable innovations, and expanding its service offerings to drive future growth [15][12][10]

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

Group 1 - The banking sector has experienced a significant narrative turnaround since the Great Financial Crisis, moving from depressed valuations to a more favorable perception [1] - Banks were previously viewed negatively, akin to spreading diseases, but have since regained some level of trust and investment interest [1] - The focus on sustained profitability, characterized by strong margins and stable free cash flow, is emphasized as a more reliable driver of returns compared to valuation alone [1] Group 2 - The author has a long-term investment strategy centered on undervalued stocks and high-quality dividend growth, indicating a preference for companies that generate dependable cash flow [1] - The interdisciplinary background of the author, including degrees in Economics and Philosophy, enhances the ability to analyze market narratives and company performance from multiple perspectives [1] - The investment philosophy is rooted in responsible stewardship, aiming to balance wealth accumulation with the freedom to pursue meaningful work [1]

澳大利亚国防部长马尔斯：无论美国总统特朗普政府是否进行审查，三方安全伙伴关系（AUKUS）的 合作仍在继续。 ...