Market Overview - U.S. equity markets are expected to open strongly due to improved investor sentiment following a bipartisan deal in the Senate to end the government shutdown [1][3] - Major index futures are showing gains, with S&P 500 futures up approximately 0.7% to 0.9%, Nasdaq 100 futures up 1.2% to 1.5%, and Dow Jones futures up 0.1% to 0.4% [2][4] Economic Impact - The government shutdown, lasting 40 days, has created significant economic uncertainty, delaying crucial data releases and impacting various sectors [3] - The resolution of the shutdown is anticipated to lead to the release of delayed economic reports, including the Consumer Price Index (CPI), initial jobless claims, retail sales, and Producer Price Index (PPI) for October [5] Company Developments - Nvidia (NVDA) saw a 7% stock decline last week but is expected to recover as optimism returns to the tech sector, with CEO Jensen Huang requesting TSMC to increase chip supplies for AI technology [7] - Apple (AAPL) recently surpassed a $4 trillion market value, indicating the strength of major tech players [11] - Pfizer (PFE) has agreed to acquire Metsera for up to $10 billion, winning a bidding war against Novo Nordisk [11] - CoreWeave ([CRWV]) is set to release earnings today, with shares having more than doubled since going public, driven by deals with Nvidia and Meta [11] - Toyota Motor Corporation (TM) unveiled a new Battery Electric Vehicle (BEV) model, part of its strategy for carbon neutrality [11] - Visa (V) and Mastercard (MA) are nearing a deal with merchants that could reshape the credit card rewards landscape [11] - UPS (UPS) and FedEx (FDX) may face operational impacts due to the FAA grounding MD-11 planes following a recent crash [11] - Diageo (DEO) appointed former Tesco boss Dave Lewis as its new chief [11] - Nomad Foods (NOMD) reported lower revenue and earnings in Q3 2025, citing ongoing market headwinds [11] Upcoming Events - The week includes important economic updates, such as the German Harmonized Index of Consumer Prices (HICP) and Eurozone's Q3 GDP [6] - High-profile earnings reports are expected from companies like Cisco (CSCO), Applied Materials (AMAT), Walt Disney (DIS), and others [8]

Core Insights - STMicroelectronics' President and CEO Jean-Marc Chery will present at the Morgan Stanley 25th European Technology, Media & Telecom Conference on November 12, 2025 [1] - A live webcast of the conference will be available on ST's website and can be replayed until November 26, 2025 [2] Company Overview - STMicroelectronics employs 50,000 individuals and is a leader in semiconductor technologies, managing the semiconductor supply chain with advanced manufacturing facilities [3] - The company collaborates with over 200,000 customers and numerous partners to create products and solutions that promote sustainability and address various challenges [3] - STMicroelectronics aims to achieve carbon neutrality in all direct and indirect emissions by the end of 2027, alongside a goal of sourcing 100% renewable electricity [3]

Core Viewpoint - McEwen Inc. is set to discuss its Q3 2025 financial results and project developments in an upcoming conference call on November 6, 2025, at 11:00 AM EST [1] Company Overview - McEwen Inc. trades on both NYSE and TSX under the ticker MUX [3] - The company provides shareholders with exposure to gold and silver production, along with a significant copper development project in the Americas [4] - The gold and silver mines are located in mineral-rich regions including the Cortez Trend in Nevada, Timmins district in Ontario, and Deseado Massif in Argentina, with potential reactivation of a mine in Mexico [4] Copper Development Project - McEwen holds a 46.4% interest in McEwen Copper, which owns the Los Azules copper development project in Argentina, valued at approximately US$456 million based on the last financing [5] - The Los Azules project aims to be one of the first regenerative copper mines, targeting carbon neutrality by 2038 [6] Leadership and Strategy - Chairman Rob McEwen has personally invested over US$200 million and takes a salary of $1 per year, aligning his interests with shareholders [7] - The objective is to enhance profitability, share value, and eventually implement a dividend policy, similar to the approach taken while building Goldcorp Inc. [7]

Core Insights - The company reported a consolidated sales decline of 1.3% year-on-year for the first nine months of 2025, totaling €2,878 million, with organic growth of 1.8% [1][4] - The third quarter of 2025 saw consolidated sales of €992 million, reflecting a 4.9% increase in organic growth and a 1.4% increase on a reported basis, despite negative currency effects [3][4] - The company aims to achieve a financial leverage ratio of less than 1.0x by the end of 2027, while maintaining a solid cash generation and controlled working capital [2][17] Sales Performance - In France, sales for the first nine months of 2025 reached €897 million, a 2.0% increase reported but a 4.1% decline in like-for-like terms [1][28] - The Americas region reported sales of €711 million, down 5.9% reported and 1.5% like-for-like, primarily due to a slowdown in the U.S. market [1][36] - The Mediterranean region experienced a strong sales increase of 7.7% reported and 34.0% like-for-like, totaling €369 million for the first nine months [1][45] Regional Analysis - The company noted a recovery in Switzerland, contributing to a 9.4% increase in sales in Europe (excluding France) for the first nine months, totaling €336 million [1][10] - In Asia, sales declined by 12.9% reported and 5.5% like-for-like, totaling €301 million, impacted by currency depreciation [1][41] - The African market saw a sales decline of 7.7% reported and 7.4% like-for-like, totaling €264 million, with challenges in Senegal affecting performance [1][49] Operational Highlights - The cement activity showed a 9.7% increase in the third quarter at constant scope and exchange rates, with volumes growing by 5.3% [3][4] - The company is ramping up production at a new kiln in Senegal, which is expected to drive operational growth and cost savings in the coming years [2][15] - The VAIA CCS project has been selected for funding by the European Innovation Fund, marking a significant step in the company's decarbonization efforts [2][16] Financial Outlook - The company confirmed its 2025 revenue and EBITDA outlook, expecting sales growth on a like-for-like basis and EBITDA growth of 2% to 5% at constant scope and exchange rates [4][17] - The financial leverage target for 2025 has been adjusted to above 1.3x due to negative currency effects and non-recurring items [17][18] - The company aims to maintain an EBITDA margin of at least 20% over the 2025–2027 period while achieving a gearing ratio of less than 1.0x by the end of 2027 [17][18]

Core Insights - Hyundai Motor Group emphasizes the importance of hydrogen as a catalyst for carbon neutrality and a strategic energy carrier during the APEC CEO Summit Korea 2025 [2][5] - The Group highlights the need for global collaboration to advance the hydrogen ecosystem through partnerships between government and industry [5] Hydrogen Industry Overview - The hydrogen industry is experiencing significant growth, with global capital commitments to clean hydrogen increasing tenfold since 2020, reaching USD 110 billion across 510 projects [3][4] - The Global Hydrogen Compass 2025 indicates a pivotal moment for the industry, transitioning from ambition to delivery [3] Strategic Initiatives - Hyundai Motor Group is taking bold steps to create demand and secure supply in the hydrogen value chain, emphasizing that building a hydrogen ecosystem requires collective effort [4][5] - The Group has nearly 30 years of leadership in hydrogen beyond mobility, covering the entire value chain from production and storage to utilization [5]

Core Insights - Suzuki Motor Corporation (SMC) plans to launch 8 new SUVs in India over the next five to six years, aiming for a total product line-up of 28 models by that time [1][5] - Maruti Suzuki India (MSIL) targets a market share of 50% by FY31, which is considered a challenging goal compared to its historical performance [2][4] - The company's market share in India has decreased from approximately 52% in 2021 to around 40% currently due to increased competition [3] Market Strategy - India is identified as a critical market for SMC, with a strategy involving an investment of ¥1.2 trillion (approximately ₹70,000 crore) to enhance capacity and achieve the targeted market share [4] - MSIL aims to diversify its product offerings, catering to both entry-level buyers and higher-income customers with a variety of vehicles [5] - The company plans to increase exports, expecting to reach an export volume of 400,000 units this fiscal year, up from 330,000 units in FY25 [5][6] Environmental Strategy - SMC is committed to carbon neutrality and is adopting a 'multi-pathway' strategy that includes various powertrains such as hybrids, flex-fuel, hydrogen, and compressed biogas (CBG) vehicles [7][8] - The company is focusing on CBG in India, planning to establish nine biogas plants in Gujarat by 2027 in collaboration with local dairy cooperatives [8][9] - SMC's technology strategy emphasizes safety, performance, fuel efficiency, and energy minimization through optimized body weight and lean weight batteries [9]

Core Insights - Honda has unveiled the Honda 0 α, a next-generation electric vehicle (EV) designed for both urban and natural environments, set to launch globally in 2027, primarily in Japan and India [1][6] - The Honda 0 α will be Honda's first battery electric vehicle for the Indian market, marking a significant step in the company's electrification strategy [1][6] - Honda aims to achieve carbon neutrality across all products and corporate activities by 2050, despite uncertainties in the electrification market [2][6] Product Lineup - The Honda 0 α will join the Honda 0 Series, which includes the Honda 0 Saloon and Honda 0 SUV, as a gateway model featuring a refined design and spacious cabin [5][6] - The Honda 0 Series represents the next generation of EVs, developed from the brand's roots and original ideas [5][6] - Three models from the Honda 0 Series, including the Honda 0 Saloon, Honda 0 SUV, and Honda 0 α, are expected to be available in Japan before the end of the fiscal year ending March 31, 2028 [6] Strategic Goals - Honda is preparing to introduce attractive EV models as part of its strategy for the electrified era, emphasizing a long-term commitment to the shift toward EVs [2][6] - The company has announced plans to launch multiple electric models in India over the next few years, aligning with its broader aim of achieving carbon neutrality by 2050 [6]

EVE Energy Earnings Call Summary Company Overview - **Company**: EVE Energy (300014.SZ) - **Industry**: Battery manufacturing, focusing on electric vehicle (EV) and energy storage systems (ESS) Key Financial Highlights - **3Q25 Revenue**: CNY 16.8 billion, a 36% year-on-year (y-y) increase and 9% quarter-on-quarter (q-q) growth driven by a 49% y-y and 20% q-q increase in volume [1][14] - **Gross Profit Margin (GPM)**: Decreased by 5.0 percentage points (pp) y-y and 3.8 pp q-q to 13.7% in 3Q25; adjusted GPM for EV batteries stable at 17-18% and ESS batteries recovered to ~12% [1][2] - **Net Profit**: Increased by 15% y-y and 140% q-q to CNY 1.21 billion; adjusted net profit grew 51% y-y and 30% q-q to CNY 1.46 billion [1][2] Future Outlook - **Margin Recovery**: Management expects sequential margin recovery in 4Q25, projecting a gross margin expansion of around 3 pp q-q to ~15% for the ESS business due to robust demand and high utilization rates [2] - **2026 Expectations**: Stable GPM for the ESS sector at ~15%, influenced by a better sales mix and new product penetration, despite higher material prices and ramp-up of new capacity [2] Investment Recommendation - **Rating**: Reiterated Buy with a target price (TP) raised to CNY 91, implying a 16% upside from the current price of CNY 78.49 [3][5] - **Earnings Forecast**: FY25-27 earnings raised by 3-12% reflecting improved ESS demand and pricing outlook [3][5] Segment Performance - **ESS Contribution**: ESS contributed 60% of non-consumer battery shipment volume in 3Q25, indicating strong demand in the sector [3] - **ASP Hike Opportunities**: Potential for increased earnings from average selling price (ASP) hikes of ESS batteries due to previously depressed margins [3] Capacity Expansion Plans - **Overseas Production**: First production from the Malaysian plant expected in December 2025, with the Hungarian plant set to launch in mid-2027 [2] Financial Metrics - **Revenue Projections**: - FY25F: CNY 69.114 billion - FY26F: CNY 92.576 billion - FY27F: CNY 110.732 billion [4] - **Net Profit Projections**: - FY25F: CNY 4.967 billion - FY26F: CNY 7.497 billion - FY27F: CNY 9.840 billion [4] Risks - **Downside Risks**: - Potential oversupply in the EV battery market due to aggressive capacity expansion - Increased price competition from domestic and global battery manufacturers - Stricter regulations on the e-cigarette market in China [12][17] ESG Considerations - EVE Energy plays a crucial role in promoting electrification in the auto industry and enhancing the utilization of renewable energy through its battery solutions, aligning with global carbon neutrality goals [13] Conclusion EVE Energy is positioned to benefit from strong demand in the ESS market, with expectations of margin recovery and growth in earnings. The company's strategic expansion into overseas markets and focus on product innovation further enhance its investment appeal.

Core Points - STMicroelectronics announced resolutions for an Extraordinary General Meeting of Shareholders (EGM) scheduled for December 18, 2025 [2] - The record date for shareholders to participate in the EGM is set for November 20, 2025 [2] - The company is committed to achieving carbon neutrality in all direct and indirect emissions by the end of 2027 [3] Proposed Resolutions - Appointment of Armando Varricchio to the Supervisory Board for a term expiring at the end of the 2028 AGM, replacing Maurizio Tamagnini [5] - Appointment of Orio Bellezza to the Supervisory Board for a term expiring at the end of the 2028 AGM, replacing Paolo Visca [5]

Core Insights - Eni and YPF have signed a Final Technical Project Description to advance the Argentina LNG project, aiming for a Final Investment Decision, which is a significant step for Argentina's LNG export ambitions [1][2] Group 1: Project Overview - The Argentina LNG project is designed to produce 12 million tons per year (MTPA) of LNG, with the first phase including two floating LNG units, each with a capacity of 6 MTPA, equating to approximately 9 billion cubic meters per year [3] - The project will utilize an integrated upstream-midstream model that encompasses gas production, processing, transport, and liquefaction [3] Group 2: Strategic Importance - The project aims to unlock the vast unconventional gas reserves of the Vaca Muerta shale basin, transitioning Argentina from a regional gas supplier to a global LNG exporter [5] - At full scale, the development could potentially reach up to 30 MTPA of LNG exports through multiple phases [5] Group 3: Partnership Dynamics - The agreement follows a Head of Agreement between Eni and YPF in June 2025, leveraging Eni's expertise in fast-track FLNG development and YPF's operational experience in Argentina [4] - For Eni, this partnership aligns with its gas-focused growth strategy and supports its 2050 carbon neutrality goals by expanding low-carbon gas production and export capacity [6] - For YPF, the collaboration provides a pathway to monetize Vaca Muerta's output and attract international investment into Argentina's energy sector [6]