Trade Agreements Overview - Agreements with four Asian nations establish frameworks, not legally binding documents, focusing on trade and tariffs [1] - TD Cowan provides a summary of the documentation related to these deals [1] Tariff and Investment Details - Malaysia agreement includes a 19% baseline tariff and $150 billion in foreign direct investment for semis, aircraft, and data center equipment [2] - Cambodia agreement also sets a 19% baseline tariff, with Air Cambodia committing to Boeing collaboration [2] - Thailand secures a 19% baseline tariff and agrees to purchase American aircraft, energy, and agricultural products [2] - Vietnam framework features a 20% tariff and purchase agreements in agriculture and aircraft [3] Focus on China - Agreements aim to curb transshipments of Chinese products to bypass tariffs [3] Future Negotiations - The United States may offer tariff exemptions within the 19% baseline tariffs for specific products, details pending negotiation [4]

Foreign Direct Investment - Mauritian foreign direct investment rebounded in the second quarter [1] - The recovery follows a poor performance in the first three months [1]

Investment Boom - The current investment boom in the U.S. is characterized by significant foreign direct investment, totaling approximately $1 trillion over the Biden administration, with $250 billion occurring last year [2][3] - The boom is attributed to pent-up demand and favorable policies introduced by the Trump administration, including trade tax and regulatory certainty [3][4] Government Shutdown Impact - The ongoing government shutdown is seen as a major obstacle to economic growth, with estimates suggesting it could be costing the economy up to $15 billion per day [12] - The shutdown is negatively affecting small business confidence, which had previously been strong [12] Political Dynamics - There is a call for moderate Democrats to collaborate with Republicans to reopen the government, which could enhance their political standing [7][9] - The current political climate is described as being influenced by radical elements within the Democratic Party, which may be hindering bipartisan cooperation [10][11]

Financial Activities - Saudi Arabia is in discussions for a rare loan [1] - Saudi Arabia has raised at least $65 billion through debt sales, loans, and foreign direct investment this year [1]

Core Viewpoint - Stockwik Förvaltning AB has announced a directed share issue of 900,000 shares to ENDI Corp at a subscription price of SEK 23 per share, subject to foreign direct investment (FDI) clearance [1][5][6] Background and Company Overview - Stockwik Förvaltning AB, founded in 2013, has become a leading industrial investment company, with a diversified portfolio across four business segments, generating approximately SEK 900 million in annual revenues and SEK 100 million in EBITDA [3][4] Share Issue Details - The share issue aims to strengthen the Company's financial position and enhance its ability to focus on efficiency improvements and future M&A opportunities [5] - The subscription price of SEK 23 per share represents a 10% premium compared to the closing price on 7 October 2025 [6][12] - The completion of the share issue is conditional upon receiving FDI clearance from the Swedish Inspectorate for Strategic Products, expected in November 2025 [9][8] Financial Implications - Upon completion, the Company will receive gross proceeds of SEK 20.7 million before transaction costs, and ENDI Corp will become the owner of 22.7% of all shares and votes in the Company [6][15] - The share capital will increase by SEK 450,000.01, resulting in a dilution of approximately 12.5% [15] Strategic Rationale - The board of directors determined that the directed share issue to ENDI Corp was the most favorable alternative for the Company, considering the need to strengthen the shareholder base and minimize dependency on market conditions [11][13] - The decision to pursue this share issue was influenced by the intention of three of the Company's largest shareholders to sell their shares [13][14] Future Governance Changes - ENDI Corp intends to request an extraordinary general meeting to elect new board members following the receipt of FDI clearance and completion of the share issue [17] - Current board members have expressed their commitment to complete their terms unless replaced by shareholders [18]

Australian Economy & Resource Dependence - Australia's economic growth has been driven by natural resources for three decades, but future growth requires innovation and investment [1] - The Australian economy has a narrow base heavily reliant on mining and resources [10][11] - Commodity earnings are expected to fall to 271 billion US dollars (approximately 385 billion Australian dollars) due to falling prices and an uncertain global economy [12] Innovation & Investment - Australia spends only 1.7% of GDP on research and development, below the OECD average of 2.7% [15] - There is a lack of interested growth capital in Australia, with foreign direct investment making up 80% of a world record setting Series B funding round for one company [2] - Increased investment as a share of GDP is needed, potentially through lower taxes or a more competitive tax system and reduced regulation [13][14] Talent & Policy - Australia needs to invest in universities and research and development, while also sending clear policy signals that it is open for international students [23] - Encouraging skilled migration, particularly from young people, could add 30 billion dollars to the economy [24] - Deliberate and purposeful policies are needed to attract talented people to Australia, leveraging the livability of its cities [25][26] Quantum Technology & GPS Disruption - Quantum technology is an emerging field with applications in areas like navigation without GPS [5][7] - GPS reliability has diminished, with almost a thousand commercial aviation flights disrupted daily since March 2024 due to deliberate GPS jamming [6] - Q-Control is developing technology to navigate without GPS using quantum sensing [7]

Core Viewpoint - KKR has expanded its partnership with ADNOC by acquiring a minority stake in ADNOC Gas Pipeline Assets, reflecting a commitment to invest in the Middle East's energy sector and infrastructure [1][2][3]. Group 1: Investment Details - KKR acquired a minority stake in ADNOC Gas Pipeline Assets, which operates 38 gas pipelines and two export terminals in the UAE [2]. - The value of the deal was not disclosed by KKR [2]. - This investment follows a previous oil pipelines deal between ADNOC, KKR, and BlackRock in 2019, which facilitated foreign direct investment in the region [2]. Group 2: Strategic Importance - David Petraeus, a partner at KKR, emphasized the region's strong fundamentals and leadership as attractive opportunities for global investors [3]. - KKR's investment strategy in the Middle East is supported by a dedicated investment team led by Julian Barratt-Due [3]. Group 3: KKR's Regional Expansion - The transaction marks a significant milestone in KKR's expansion in the Middle East, which includes a stake in Dubai-based Gulf Data Hub with a combined commitment of over $5 billion for data center expansion [4]. - KKR has maintained a presence in the Middle East for over 16 years, managing more than $90 billion in global infrastructure assets since 2008 [6]. Group 4: Operational Control - ADNOC retains full ownership and operational control of the gas pipeline network, while KKR's minority stake is structured to yield long-term revenue [5].

Core Insights - President Trump's tariff strategy appears to be effective in reducing Japan's export volume to the U.S., which has reached its lowest level since 2021, while overall exports remain above the 2024 average [1] - Japanese firms are increasing production in their U.S. subsidiaries in response to tariffs, with sales growth in North American subsidiaries outpacing Japan's overall exports to the region by 6 percentage points in Q2 [2] - Toyota's U.S. production surged by 28.5% year-over-year in July, contrasting with a 5.5% decline in Japan, indicating a significant shift in production dynamics [3] Investment Trends - Japan's foreign direct investment (FDI) into the U.S. is projected to reach a record high this year, with the U.S. expected to receive 47% of Japan's total outbound FDI, marking an all-time high [3] - The strong U.S. economy is a primary driver of this investment shift, as nearly half of Japanese manufacturers with overseas subsidiaries plan to expand U.S. production [4] - A recent trade deal reduced tariffs on Japan to 15% from 25%, with Japan committing to invest $550 billion in key U.S. industries, including energy, semiconductors, and pharmaceuticals [5] Market Sentiment - Despite the optimistic investment outlook, Wall Street analysts express skepticism regarding the realization of the $550 billion investment, citing legal challenges to Trump's tariffs and a lack of concrete details in the investment pledge [6]

Investment Opportunities - Karnataka is attracting new investments from Japanese companies, including Air Water Inc., Shinko Nameplate, and Catalar, which are interested in expanding their operations in Bengaluru [1][4] - Air Water plans to establish a second industrial gas production unit near Bengaluru and a biogas production facility utilizing cow dung and iron pulp as feedstock [2] - Shinko Nameplate intends to invest ₹100 crore in a new plant for manufacturing decorative plastic components for vehicles near Bengaluru [3] - Catalar aims to enhance its operations in the Bidadi facility with an additional investment of ₹140 crore by 2030 [3] Strategic Partnerships - Konoike, an industrial services and engineering company, is exploring joint venture opportunities in India as part of its strategy to establish India as its "second home base" [4]

Market Regulation & Risk Management - Indian regulators are striving to balance encouraging risk-taking for economic growth with maintaining market stability, particularly concerning derivatives [1][23] - SEBI banned Jane Street from India's securities markets over alleged market manipulation, highlighting regulatory scrutiny of trading strategies [3] - SEBI's study revealed that approximately 90% of derivative market participants lost money, with about 40% being under 30 years old and 75% earning less than $6,000 annually, indicating high-risk participation by unsophisticated investors [10] - Regulators have been successful in encouraging retail participation in IPOs, contributing to overall market participation [8][9] Capital Market Development & Investment Trends - India's capital markets are evolving, with increasing allocation to financial savings through mutual funds, insurance, and pension funds [5] - Retail investment is growing rapidly, with shareholding increasing from 1 in 14 households to 1 in 5 in just 5 years [6] - Indian savings are heavily tilted towards physical assets, with $50 billion to $70 billion annually spent on gold [4] - India's IPO market is among the biggest globally, accounting for over $20 billion last year [7] Foreign Investment & Market Access - India is one of the most open economies for foreign direct investment, with many major companies having majority foreign ownership [15] - Inclusion in FTSE Russell bond indices is expected to increase foreign investment in Indian government bonds [18] Startup Funding & Private Equity - Indian capital markets have not effectively supported startup funding, with most innovation funded by global private equity and venture capital funds [19] - Venture capital and private equity firms have successfully exited investments through IPOs, but financing has decreased with rising interest rates [22]