NEW YORK, NY / ACCESS Newswire / November 20, 2025 / Most institutions didn't build ahead of the new rules for global trade and its supply chains. They never expected any to emerge. ...

- Singapore foreign minister warns of fallout from US-China rivalry- HSBC CEO says ‘Asia buys Asia’ is key new trend in global trade- Ex-Barclays CEO says markets seeing ‘healthy correction’ recentlyFollow our live blog for the biggest conversations from the #BloombergNewEconomy Forum https://t.co/KOsWi3J7HA ...

LIVE: Mastercard’s Merit Janow and Hesai’s David Li discuss the new realities of global trade at the Bloomberg #NewEconomyForum in Singapore.Follow the latest, news and updates here: https://t.co/X37fBBfZBp https://t.co/A9Yf0qS3bg ...

But joining me now is Kentucky Governor Andy Basher, a Democrat. Governor, welcome and thanks for being our first ever guest on MS Now. So, let's start with the end of the shutdown and its immediate impact on your state.You've said the nearly 600,000 residents who rely on SNAP could see those benefits restored fully as early as today. Are you seeing that happen. Yes, we are.And first, thanks for having me as your first ever guest. And I'm here with good news, at least for Kuckians. Our folks worked through ...

Trade Agreements - The United States is advancing its global trade agenda, with significant progress in trade relations with Taiwan and expectations for comprehensive agreements with multiple countries in the next two weeks [2][9] - Anticipated deals will open markets for U.S. agricultural and industrial goods in key Latin American countries, including Argentina, Ecuador, El Salvador, and Guatemala [3][9] - Ecuador has committed to reducing or eliminating tariffs on essential sectors and will support digital trade without imposing discriminatory digital service taxes on U.S. companies [3][9] Media Industry Developments - Warner Discovery (WBD) is in the process of auctioning its assets, with major companies like Paramount Global (PARA), Comcast (CMCSA), and Netflix (NFLX) preparing bids as the year-end deadline approaches [5][9] - This potential consolidation reflects ongoing strategic shifts and competition within the entertainment and streaming sectors [5] Market Conditions - Wall Street faced a significant downturn, particularly in technology stocks, as traders moved towards more defensive sectors due to concerns over a hawkish Federal Reserve and general data uncertainty [6][9] - The New Zealand BusinessNZ Manufacturing PMI for October improved to 51.4, indicating expansion in the manufacturing sector [7] - A U.S. National Economic Council official suggested that current Consumer Price Index data aligns with the possibility of further interest rate cuts, while also warning of potential job losses due to a government shutdown [7] Global Economic Indicators - The International Energy Agency (IEA) reported a continued decline in Russia's oil and fuel export revenues in October [8][9] - A senior U.S. official indicated that tariffs on Swiss imports could be reduced if a proposed trade deal is accepted [4][9]

RT Bloomberg New Economy (@BBGNewEconomy)As global trade and finance evolve, the question looms: Is de-dollarization truly underway?We hear from CEO of @EuroclearGroup Valerie Urbain at the #BloombergNewEconomy Forum.For details: https://t.co/2T7Qg43jlf https://t.co/IWHijtZpUt ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2025 were down 5% at $4.4 billion, with global ag segment sales down 11% and North America down 29% [9][10] - Industrial adjusted EBIT was $104 million, down 69% year over year, reflecting lower industry demands and tariffs [10][16] - Adjusted net income decreased to $109 million, with adjusted EPS for the quarter at $0.08, down from $0.24 [10][16] Business Line Data and Key Metrics Changes - Agriculture Q3 net sales were just under $3 billion, down 10% year over year, primarily due to a 29% decrease in North America [17] - Construction third quarter net sales were $739 million, up 8% year over year, driven by higher sales in North America and EMEA [20] - Adjusted gross margin for agriculture was 20.6%, down from 22.7% in Q3 2024, affected by lower volumes and tariff costs [17][18] Market Data and Key Metrics Changes - North America experienced a 29% decline in agriculture sales, while EMEA saw a 16% increase, particularly in tractors [9][17] - Conditions in South America remain challenging, with geopolitical and market circumstances impacting farmers [5][6] - The overall industry retail demand is expected to be down around 10% from 2024, with construction volumes expected to decline about 5% [27][28] Company Strategy and Development Direction - The company is focused on five strategic pillars: expanding product leadership, advancing iron and tech integration, driving commercial excellence, operational excellence, and quality as a mindset [10][18] - The company is transforming its global supply chain and dealer network to mitigate risks from market volatility [4][6] - Upcoming product launches at Agritechnica are aimed at filling market gaps and gaining ground in EMEA [9][11] Management's Comments on Operating Environment and Future Outlook - Management noted that market fundamentals remain uncertain and challenging for farmers, particularly in North America and South America [5][6] - The company expects to navigate near-term challenges while investing in business improvements and preparing for future product launches [6][7] - The outlook for 2026 anticipates flat to slightly down global industry retail demand compared to 2025 [31][32] Other Important Information - The company has reduced quality costs by over $60 million year to date, reflecting improvements in operational efficiency [15] - The company repurchased $50 million worth of stock at an average price of $11.25 per share during Q3 [24] - The company is maintaining a focus on margin improvement initiatives despite the current trade environment [33] Q&A Session Summary Question: Can you elaborate on the decremental margin on the volume mix? - The decremental margin was primarily driven by the 29% decline in North America, with EMEA up 16% [35] Question: What is the impact of SG&A on the margin? - SG&A increased due to higher variable compensation accruals, contributing to the margin decline [36] Question: Can you unpack the product cost changes? - Product costs were favorable by $33 million year over year, despite $44 million in tariff costs [38] Question: How much of the tariff cost is tied to different tariff categories? - About 20% of the tariff costs are from Section 232, with no reliance on potential relief from the Supreme Court [43] Question: What gives confidence in achieving desired dealer levels in three to four months? - The company expects to achieve a $1 billion inventory reduction by year-end, allowing for increased production in 2026 [41]

Core Insights - Santander has launched a new platform, Navigator Global, aimed at assisting businesses in expanding internationally by connecting them with verified providers, local experts, and real-time insights [2][4] - The platform is designed to reduce risks associated with global trade and offers guidance for businesses looking to export or enter new markets [2][4] - The updated platform builds on a previous version that supported over 2,500 businesses in the UK and is now available in more than 40 markets [3] Industry Context - Research indicates that 65% of goods firms have experienced operational disruptions due to uncertainty, with this figure rising to 83% among companies facing high regulatory changes [5] - The evolving regulatory frameworks and compliance obligations are complicating risk management for firms, as they deal with both rising input costs and shifting rules [6] - Companies that perform well are effectively managing uncertainty by investing in scenario planning, adjusting cash flow forecasts monthly, and diversifying logistics providers [7]

US-China Trade Relations - A one-year truce exists in US-China trade relations, but tensions remain from previous policies [1][2][8] - The US accounts for 15% of total global imports, and China accounts for 15% of global exports of goods, highlighting their mutual dependence [5] - The current trade situation is close to pre-"Liberation Day" tariffs, with some exceptions like fentanyl tariffs and licensing regimes on magnets [3][4] - Ambiguity persists on complex issues like Taiwan, TikTok, high-tech chips (BLACKWELL), and China's potential Boeing/oil purchases from Russia [4][5][6] Geopolitical Strategy and Alliances - The US should work with allies to develop secure supply chains, reducing dependence on China for rare earths [9] - Agreements with allies like Australia are crucial, and exploring opportunities in Latin America for rare earths is important [10] - China is considered the biggest competitor and strategic threat to the US, necessitating agreements with countries to pull them out of China's sphere of influence [11] - The US faces distrust and dislike globally, hindering cooperative agreements, despite other countries needing the US market and defense [16] Market Discipline and Future Outlook - Market discipline is expected to prevent an escalating trade war, as it would hurt both the US and China significantly [5][8][9] - The US has been perceived as an unreliable trade partner, with deals being made and then retracted, creating distrust [15][16] - A shift towards cooperative agreements, rather than a "bullying mentality," is needed for improved relations and cooperation [15][16]

Summary of Key Points from the Conference Call Industry Overview: Global Logistics Core Insights and Arguments - **Deceleration in Demand**: Signs of deceleration in ocean and air freight demand are emerging as ocean volume growth slowed to +3% globally in August, with a significant decline of -12% in Transpacific Eastbound volumes [1][3]. Air freight volumes also showed a modest deceleration in September, likely due to the expiration of the de minimis exemption [5][23]. - **Pressure on Ocean Rates**: Ocean freight rates are at their lowest levels since 2023, with the SCFI down over 50% year-to-date [3][20]. Key indicators such as the SCFI and WCI have seen declines of 54% and 58% respectively [20]. - **Orderbook Expansion**: The container shipping orderbook grew by +6% in Q3, with new orders equivalent to 3.4% of the in-service fleet, indicating continued investment despite oversupply risks [4][21]. - **Airfreight Performance**: Airfreight demand grew by 4% in August, but the growth rate moderated in September, with revenues below last year's levels [5][23]. The expiration of the US de minimis exemption is expected to impact future demand [23]. - **Surface Freight Outlook**: U.S. surface rates contracted in June and are expected to remain flat or decline in the second half of the year due to a softer freight outlook [6][24]. Additional Important Insights - **Global Trade Volumes**: Global trade volumes increased by 4.9% YoY in July, driven by a 6% rise in emerging market exports, while U.S. and European exports remained largely unchanged [2][18]. - **PMI Indicators**: September PMIs showed an increase in China (+0.7pt to 51.2) and the U.S. (+0.4pt to 49.1), while Europe saw a decrease for the first time this year (-0.9pt to 49.8) [2][18]. - **Market Sentiment**: The sentiment in the logistics sector remains weak, with companies expressing pessimism regarding international ocean demand and potential challenges in achieving a meaningful peak season [3][19]. Company Ratings and Valuations Key Company Ratings - **DSV**: Rated Outperform with a target price of DKK 1,700. Expected to become the largest freight forwarder post-acquisition of DB Schenker [9]. - **DHL**: Rated Outperform with a target price of €42.00. Strongly levered to e-commerce and world trade, with a solid long-term holding outlook [10]. - **Kuehne+Nagel**: Rated Market-Perform with a target price of CHF 165. Underperformance in volume growth noted, with execution issues impacting investor sentiment [11]. - **AP Moller - Maersk**: Rated Underperform with a target price of DKK 10,600. Facing challenges in container shipping with declining spot rates and a high orderbook [12]. Valuation Comparisons - **Valuation Metrics**: DSV shows a strong growth trajectory with an expected EPS of DKK 100+ by 2028, while Maersk's strategy has been criticized for failing to deliver promised synergies [9][12]. - **Market Cap and Share Buybacks**: DSV is projected to repurchase DKK 24 billion of shares annually, compared to its current market cap of DKK 310,654 million [9]. Conclusion The global logistics industry is experiencing a notable deceleration in demand across both ocean and air freight sectors, with significant pressure on rates and a growing orderbook despite oversupply risks. Companies like DSV and DHL are positioned favorably, while others like Maersk face challenges. The overall sentiment in the logistics sector remains cautious as companies navigate a complex market landscape.