Q3 2025 Performance - Organic sales increased by 9% due to favorable pricing, pull-forward demand, and volume[5, 10, 32] - Adjusted operating margin expanded by 140 bps to 18.5%[5, 11, 12, 35] - Adjusted EPS increased by 23% from $2.03 to $2.50[13, 14] - Free cash flow increased by 6% from $204 million to $216 million[15, 16] Segment Performance - Americas sales increased organically by 13%, with acquisitions adding $11 million, reaching $464 million[19] - Europe sales decreased organically by 2%, but benefited from a $7 million FX impact, totaling $112 million[19] - APMEA sales remained flat organically at $36 million[19] - Americas adjusted operating margin increased by 180 bps to 23.7%[19] - Europe adjusted operating margin increased by 160 bps to 12.2%[19] - APMEA adjusted operating margin increased by 90 bps to 19.4%[19] Full Year 2025 Outlook - The company raised its full-year reported sales growth outlook to +7% to +8%, with organic growth of +4% to +5%[6, 20, 43] - The company raised its full-year adjusted EBITDA margin outlook to 21.5% to 21.6%, an increase of +140 bps to +150 bps[6, 20]

Core Insights - Small caps are generally US-based companies with a majority of sales from the US, contrasting with large caps that have a higher percentage of foreign sales [1] - In times of geopolitical uncertainty, investors may prefer small caps as a hedge due to the perceived stability of the US economy [1] Company Summaries MIND Technology, Inc. (MIND) - MIND Technology is based in The Woodlands, TX, providing technology solutions for oceanographic, hydrographic, seismic, and maritime security industries [3] - For the six months ended July 2025, over 56% of MIND's revenue came from Norway, highlighting its reliance on international sales [3] - In Q2 fiscal 2026, MIND reported a net income of $0.24 per share, a turnaround from a net loss of $0.11 per share in the prior year, with revenues of $13.6 million, a 35% increase from $10 million year-over-year [4] Perma-Pipe International Holdings, Inc. (PPIH) - PPIH, headquartered in Rolling Meadows, IL, specializes in manufacturing specialty piping systems and leak detection systems [6] - The company has received approval from Aramco, expanding its total addressable market and aligning with Saudi Vision 2030 objectives [7] - In Q2, PPIH reported net sales of $47.9 million, a 27.7% increase from $37.5 million in the same period last year, driven by stronger sales in the Middle East and North America [8] - As of FY ending January 31, 2025, 67% of PPIH's sales were to foreign customers, indicating a significant international market presence [8]

Group 1 - Alphyn Capital Management's Master Account returned 3.0% net in Q3 2025, underperforming the S&P 500 Index which returned 8.1% [1] - As of Q3 2025, the top ten holdings represented approximately 68% of the portfolio, with around 17% held in cash [1] - The market narrative in Q3 2025 was influenced by advancements in AI, credit cycles, and geopolitical uncertainty [1] Group 2 - Alphabet Inc. (NASDAQ:GOOG) had a one-month return of 10.83% and a 52-week gain of 57.72%, closing at $269.93 per share on October 27, 2025, with a market capitalization of $3.26 trillion [2] - The rise in Alphabet Inc.'s shares was partly due to the resolution of a major regulatory overhang, specifically the DOJ antitrust case concerning Search [3] - The court's remedies decision on September 2nd was less severe than anticipated, allowing Google to continue compensating partners for non-exclusive default status while imposing some restrictions [3]

Core Insights - Consumer confidence has reached its lowest level since April, indicating a significant decline in economic sentiment [1] - The drop in consumer confidence is attributed to slumping income expectations, which are influenced by ongoing geopolitical uncertainty and rising inflation [1] Summary by Categories Consumer Confidence - Consumer confidence has decreased to its lowest point since April [1] - This decline reflects a broader concern among consumers regarding economic stability [1] Income Expectations - There has been a notable slump in income expectations among consumers [1] - The decrease in income expectations is a critical factor contributing to the overall decline in consumer confidence [1] Geopolitical and Economic Factors - Continued geopolitical uncertainty is impacting consumer sentiment negatively [1] - Higher inflation rates are also contributing to the decline in consumer confidence and income expectations [1]

Group 1: Gold Market - Gold prices have surged past $4,200 an ounce for the first time, driven by rising expectations of US interest rate cuts and increased geopolitical uncertainty, resulting in a 60% increase in gold prices this year [2][45]. - Factors contributing to the rise in gold prices include strong central bank buying, a trend towards dollarization, and robust inflows into ETFs [3]. Group 2: US-China Trade Relations - President Trump has threatened China with a cooking oil embargo due to China's refusal to purchase US soybeans, which has raised concerns about the status of ongoing trade talks [3][4]. - China, previously the largest buyer of US soybeans, has not made any purchases in recent months, with last year's purchases amounting to $12.8 billion [4]. Group 3: Federal Reserve Rate Cuts - Expectations for further US Federal Reserve rate cuts have increased, with Fed officials indicating two more cuts may occur this year, particularly following comments from Chairman Jerome Powell [5][6]. - Powell noted that the Fed's balance sheet currently stands at $6.5 trillion, nearly 60% larger than at the start of 2020, and indicated that the Fed may soon stop shrinking its balance sheet [8][9]. Group 4: Bank Earnings - Major banks, including Bank of America, JP Morgan Chase, and Citigroup, reported strong earnings, with Bank of America exceeding expectations with net interest income of $15.2 billion and earnings per share of $2.80 [10][12][48]. - The overall banking sector is experiencing a positive earnings season, with banks benefiting from a booming market for deal-making and securities trading, despite broader economic concerns [11][41]. Group 5: Fintech Developments - Wise, a leading money transfer platform, is moving its primary listing to New York while maintaining a presence in London, aiming to improve price transparency and access for non-bank financial institutions [16][18]. - Wise's infrastructure allows for faster international money transfers, with 70% of transactions arriving instantly, benefiting both consumers and traditional banks that integrate Wise's systems [22][24]. Group 6: Trending Stocks - ASML, a Dutch chipmaker, saw its stock rise over 4% following a strong earnings report, despite a decline in orders from China [28]. - LVMH reported a return to growth, with its stock up over 14%, driven by improved sales in luxury goods, particularly in China [29]. - Stellantis announced a $13 billion investment in US production, marking the largest single investment in the company's history, which positively impacted its stock performance [31].

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1021.45 tons of gold as of October 14, 2025, reflecting an increase of 2.57 tons from the previous trading day, amidst significant fluctuations in gold prices [5]. Group 1: Gold ETF Holdings - As of October 14, 2025, SPDR Gold Trust's holdings reached 1021.45 tons, up by 2.57 tons from the prior day [5]. - The increase in gold ETF holdings over the past two trading days totals more than 4 tons [5]. Group 2: Gold Price Movements - On October 14, gold prices experienced volatility, dropping to a low of $4090.49 per ounce and peaking at $4179.47 per ounce, closing at $4142.01 per ounce, a rise of $31.56 or 0.77% [5]. - Year-to-date, gold prices have surged by 57%, surpassing the $4100 per ounce mark for the first time, driven by geopolitical uncertainties, economic unpredictability, expectations of interest rate cuts, strong central bank purchases, and inflows into ETFs [5]. Group 3: Market Analysis - The sharp fluctuations in gold prices on October 14 were attributed to sudden market sentiment changes, with analysts predicting increased volatility due to profit-taking and bottom-fishing activities [6]. - Geopolitical uncertainties and ongoing trade tensions are providing strong support for gold as a safe-haven asset [6]. - Market expectations for a 25 basis point rate cut by the Federal Reserve on October 29 remain high at 96%, indicating sustained investor anticipation for accommodative monetary policy [6]. Group 4: Technical Analysis - Technically, gold maintains an upward trend, with the relative strength index indicating accumulating buying momentum, and prices above all moving averages suggesting bullish sentiment [7]. - A breakthrough above $4155 could open further upside potential, targeting historical highs near $4180, with subsequent resistance levels at $4200, $4250, and $4300 [7]. - Conversely, failure to break the upper boundary of the month-long upward channel (currently at $4162 per ounce) may lead to a corrective pullback, potentially testing the lower boundary at $4015 [7].

Core Insights - Gold prices have surged nearly 50% this year, reaching over $4,000 per ounce, with projections suggesting a potential rise to $10,000 by 2028 if current trends continue [1][3]. Group 1: Market Dynamics - The recent increase in gold prices is attributed to President Trump's announcement of a 100% tariff on China, which has led to a decline in investor confidence in the U.S. dollar [1][2]. - Stocks experienced their worst loss since April, reinforcing gold's status as a safe haven asset as it jumped 1.5% [2]. - The Federal Reserve's shift towards rate cuts has contributed to rising gold prices, as policymakers focus on a stagnating labor market rather than solely combating inflation [4]. Group 2: Economic Factors - Factors driving gold's appeal include inflation hedging, central banks de-dollarizing, and geopolitical tensions stemming from Trump's trade policies [3]. - The increasing debt levels among developed economies have made investors wary of global currencies, leading to a preference for precious metals and bitcoin [5]. - The market is experiencing a "FOMO" (Fear of Missing Out) effect, complicating the objective valuation of gold, although the pace of price increases may slow as key supportive factors weaken [6]. Group 3: Future Projections - Market expert Ed Yardeni has revised his gold price target to $5,000 by 2026, with a potential for $10,000 by the end of the decade based on current trajectories [3]. - Capital Economics' Hamad Hussain highlights that while bullish factors like Fed rate cuts and geopolitical uncertainty support rising prices, recent market exuberance is evident as gold rallied despite a stable dollar and higher inflation-protected bond yields [7].

Core Insights - The article provides a market analysis focusing on the Australian Dollar, New Zealand Dollar, and the US Dollar Index Futures, indicating trends and potential investment opportunities in these currencies [1] Group 1: Australian Dollar Analysis - The Australian Dollar's performance against the US Dollar is analyzed, highlighting its fluctuations and potential impacts on trade and investment [1] - Key economic indicators influencing the Australian Dollar are discussed, including commodity prices and interest rate changes [1] Group 2: New Zealand Dollar Analysis - The New Zealand Dollar's exchange rate with the US Dollar is examined, with emphasis on its correlation with agricultural exports and global market trends [1] - Insights into the Reserve Bank of New Zealand's monetary policy and its effects on the currency's strength are provided [1] Group 3: US Dollar Index Futures - The US Dollar Index Futures are analyzed, showcasing their role as a benchmark for the dollar's performance against a basket of currencies [1] - Market sentiment and economic data releases that could influence the US Dollar Index are highlighted, indicating potential volatility [1]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - In the short - term, with the weakening US job market, falling consumer confidence index, and relatively controllable inflation pressure, the market trades on the Fed's rate - cut expectations and anticipates an accelerated pace of rate cuts. The market generally expects the Fed to cut rates three times this year. Geopolitical tensions and concerns about US economic stagflation support precious metal prices at high levels, with silver showing more resilience. Before the September rate cut, precious metal prices are likely to remain strong, but volatility may increase. Attention should be paid to the Fed's September meeting and Sino - US economic and trade talks this week [5] - In the long - term, due to the Fed's rate - cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the de - dollarization trend, along with continuous gold purchases by global central banks, the long - term center of gold prices is likely to move up [5] Group 3: Summary by Relevant Catalogs 1. Price Tracking of Gold and Silver - On September 15, 2025, compared with September 12, 2025, London gold spot price was at $3636.27/ounce (-0.4%), London silver spot price was at $42.12/ounce (0.2%), COMEX gold was at $3674.10/ounce (-0.4%), COMEX silver was at $42.61/ounce (0.0%), AU2510 was at 831.60 yuan/gram (-0.3%), AG2510 was at 10017.00 yuan/kilogram (-0.2%), AU (T + D) was at 828.56 yuan/gram (-0.3%), and AG (T + D) was at 9997.00 yuan/kilogram (-0.1%) [3] 2. Spread/Ratio of Gold and Silver - From September 12 to September 15, 2025, the spread of gold TD - SHFE active price changed from -3.54 yuan/gram to -3.04 yuan/gram (-14.1%), the spread of silver TD - SHFE active price changed from -25 yuan/kilogram to -20 yuan/kilogram (-20.0%), the spread of gold's internal - external market (TD - London) changed from -2.80 yuan/gram to -2.15 yuan/gram (-23.3%), the spread of silver's internal - external market (TD - London) changed from -741 yuan/kilogram to -776 yuan/kilogram (4.8%), the SHFE gold - silver ratio changed from 83.13 to 83.02 (-0.1%), the COMEX gold - silver ratio changed from 86.58 to 86.23 (-0.4%), AU2512 - 2510 changed from 2.48 yuan/gram to 2.50 yuan/gram (0.8%), and AG2512 - 2510 changed from 26 yuan/kilogram to 28 yuan/kilogram (7.7%) [3] 3. Position Data - As of September 12, 2025, compared with September 11, 2025, the gold ETF - SPDR was at 974.8 tons (-0.32%), the silver ETF - SLV was at 15069.6026 tons (0.00%), the non - commercial long position of COMEX gold was 324875 contracts (2.87%), the non - commercial short position was 63135 contracts (-4.72%), the non - commercial net long position was 261740 contracts (4.89%), the non - commercial long position of COMEX silver was 72450 contracts (-2.71%), the non - commercial short position was 18513 contracts (-0.16%), and the non - commercial net long position was 53937 contracts (-3.55%) [3] 4. Inventory Data - On September 15, 2025, compared with September 12, 2025, SHFE gold inventory was 53226.00 kilograms (0.52%), SHFE silver inventory was 1243481.00 kilograms (-0.25%), COMEX gold inventory was 38914491 troy ounces (0.01% compared with September 12), and COMEX silver inventory was 527423230 troy ounces (0.55% compared with September 12) [3] 5. Interest Rate/Foreign Exchange/Equity Market - On September 15, 2025, compared with September 12, 2025, the 10 - year US Treasury yield was 3.56% (0.09%), the 2 - year US Treasury yield was 4.06% (1.25%), the US dollar index was 97.62 (0.05%), the VIX was 14.76 (0.34%), the S&P 500 was 6584.29 (-0.05%), NYMEX crude oil was 62.60 (0.58%), and the US dollar/Chinese yuan central parity rate was 7.11 (1.14%) [4]

Core Insights - Gold prices are near a record high, trading around $3,640 an ounce, driven by expectations of a quarter-point interest rate cut by the US Federal Reserve this week and potential further reductions later in the year [1][3] - The anticipated easing of monetary policy has led to lower Treasury yields and a weaker dollar, making gold more attractive as a non-interest-bearing asset [2][3] - Gold has increased nearly 40% this year, supported by geopolitical uncertainties and central bank buying, with Goldman Sachs projecting prices could reach near $5,000 an ounce due to external pressures on the Fed [3][4] Market Dynamics - The expectation of a rate cut has influenced Treasury yields, which are at their lowest in months, and has weakened the dollar, enhancing gold's appeal [2] - Investors are closely monitoring macroeconomic indicators, which may overshadow tariff-related news [2] - The Thai government is considering a tax on gold transactions to curb the currency rally affecting exports and tourism, indicating regulatory changes that could impact gold ownership and trade [5]