situation on tariffs as you know continues to evolve. We've run a number of different scenarios. We have a proven toolkit of how to manage cost headwinds.We've had prior cost headwinds if you think about the price of cotton that increased dramatically as a result of co. So the combination of diversified sourcing as as you mentioned up front, the fact that we have strategic partnership with a number of our suppliers we can really work efficiencies throughout the entire chain and then a brand that's got stron ...

广发证券 资深宏观分析师 陈礼清 博士 chenliqing@ gf.com.cn 广发宏观郭磊团队 报告摘要 第一， 2025 上半年大类资产表现为黄金＞欧股＞港股＞铜 ＞ 多 VIX ＞比特币＞中证 1000 ＞美股＞上证综指＞日经＞原油＞美元，节奏演绎"反转—反转—再反 转"。一季度港股黄金领跑，美股日股比特币靠后；二季度美股日股比特币反弹领涨，恒生科技收跌，A股资产涨幅收敛。美元呈单边弱势。我们编制的大类资产轮 动指数显示上半年资产以及 A 股行业轮动加快，尤其是一季度与 5-6 月， 19 类大类资产排名总变动名次数自 2014 年 12 月下旬的 116.7 名次升至 2025 年 3 月的 134.7 名次， 4 月重新降至 115 名次，但 5-6 月再度回升至 133.8 名次。在每一轮反转交易的中后段，资产与行业均轮动速度加快。我们理解，"赔率"在反转交易 的"前端与尾端"均扮演着重要角色。一方面，经济预期抢跑与事件性风险驱动易引发"折返"、"冲回"式反转交易，而避险与趋险资产快速沿胜率方向"超买"、"超 卖"，又重新打出新一轮"反转交易"空间。另一方面，"反转交易"中后段，占优资产若继续 ...

Traders are getting harder to frighten even as measures that presaged past market stress climb. A global trade policy uncertainty index tracked by Bloomberg is rising, just as it did in the months before April’s global market meltdown https://t.co/lA9iWDfJ3T ...

The window of opportunity to resolve tensions in the south Caucasus is narrow. Missing it could throw the region once again into dangerous geopolitical uncertainty https://t.co/nzCpHIPMaQ ...

Tariff Uncertainty & Deadlines - The market faces uncertainty regarding President Trump's tariff threats, with August 1st as a key deadline [1][2][4][15] - Negotiations are crucial; positive outcomes could lead to further exemptions, while failures may trigger tariff increases [2][3][15] - Clients are advised to closely monitor the news cycle for updates on negotiations [2] Political & Policy Considerations - Tariffs on Brazil are more of a political issue related to President Trump's views on former President Bolsonaro [3][4][6] - The US-Brazil relationship is unique due to this political dimension [4] - President Trump's use of the International Emergency Economic Powers Act (IEEPA) to implement tariffs is facing legal challenges [6][7] Implementation & Market Impact - Markets are largely pricing in the new round of tariffs as status quo [8] - The President aims to avoid tariffs that harm US consumers [9][10][11] - USMCA goods from Canada are not impacted by the additional 10% tariff, limiting the impact on US consumers [10] - Rising prices at grocery stores and major retailers could prompt President Trump to reconsider tariffs [11][12] Legal Challenges & Timelines - Court proceedings challenging the tariffs are ongoing, but courts move slowly [12][13] - The Supreme Court could potentially hear the case later this year [14] - Market participants desire immediate certainty, which the courts cannot provide [14][15]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Industry Overview - The Zacks Leisure and Recreation Products industry is experiencing challenges due to the ongoing tariff war and soft macroeconomic data, but there is a positive trend in fitness product sales driven by growing health and fitness awareness [1][3] - The industry includes companies that provide a range of recreational products and services, thriving on economic growth that fuels consumer demand [2] Trends Impacting the Industry - The tariff war initiated by U.S. President Donald Trump is affecting the industry, with concerns about its impact on the U.S. economy amid inflation and global geopolitical tensions [3] - The golf industry is booming, with rising demand for golf equipment due to technological advancements and increased participation among young people, particularly in emerging markets like India and China [4] - There is robust demand for fitness-related products in the U.S., driven by health awareness and lifestyle changes, leading to increased investment in home workout equipment and digital fitness platforms [5] Industry Performance - The Zacks Leisure and Recreation Products industry currently holds a Zacks Industry Rank of 204, placing it in the bottom 17% of over 246 Zacks industries, indicating dismal near-term prospects [6][7] - The industry's earnings outlook is negative, with a 13.6% decrease in northbound earnings estimates since January 31, 2025 [8] Stock Market Performance - The industry has outperformed the S&P 500, with a collective growth of 49.8% over the past year compared to the S&P 500's 11.8% increase [10] Valuation Metrics - The industry trades at a forward price-to-earnings ratio of 35.08X, significantly higher than the S&P 500's 22.64X and the sector's 18.45X [13] Notable Companies - **Peloton**: Transitioning to a profitability-driven recovery, with high-margin subscription revenues contributing nearly 70% of total sales. Expected fiscal 2025 earnings growth of 72.9% and a stock increase of 84.8% in the past year [16][17] - **Playboy**: Benefiting from an asset-light licensing model and a rebound in its China licensing business, with a stock increase of 137.5% in the past year [20][21] - **Academy Sports and Outdoors**: Gaining from a growth strategy focused on brand partnerships and digital upgrades, but shares have declined by 2.3% in the past year with expected earnings decline of 1.7% for fiscal 2025 [24]

Storebrand ASA (OTCPK:SREDF) Q2 2025 Earnings Conference Call July 11, 2025 6:00 AM ET Company Participants Johannes Narum - Head of Investor Relations Lars Aasulv Loddesol - Group CFO and Executive VP of Finance, Strategy, Legal & Sustainability Odd Arild Grefstad - Group Chief Executive Officer Conference Call Participants David Barma - BofA Securities, Research Division Farooq Hanif - JPMorgan Chase & Co, Research Division Hans Rettedal Christiansen - Danske Bank A/S, Research Division Jan Erik Gjerland ...

Tourism in Spain, Europe’s second largest holiday destination, will grow less than previously expected as economic and geopolitical uncertainties weigh on appetite for travel https://t.co/hpu8A47zjo ...

Even deep economic uncertainty can’t stop the parade of high-fashion resort pop-ups https://t.co/nZTu5jtKZQ ...