13 May 2025 | 6:25PM SGT Global Markets Daily: Asian FX — What's Changed, What's Not, and Where Next From Here? (Suwanapruti) Asian FX — What's Changed, What's Not, and Where Next From Here? On Monday, 12 May, the Trump administration announced a 90-day pause in retaliatory tariffs imposed on Chinese imports in April, which will leave the US tariff increases at +30pp (from +145pp, previously). Likewise, China also reduced its retaliatory tariff on US imports to +10pp (from +125pp, previously). While we expe ...

2025年5月13日银行间外汇市场人民币汇率中间价 美元/人民币报7.1991，下调（人民币升值）75点； 欧元/人民币报8.0017，下调1057点； 港元/人民币报0.92374，下调26.5点； 英镑/人民币报9.5047，下调868点； 澳元/人民币报4.5980，下调413点； 加元/人民币报5.1623，下调241点； 100日元/人民币报4.8633，下调913点； 人民币/俄罗斯卢布报11.2425，下调1580点； 新西兰元/人民币报4.2270，下调529点； 人民币/林吉特报0.59787，上调20.7点； 瑞士法郎/人民币报8.5355，下调1183点； 新加坡元/人民币报5.5249，下调388点。 ...

外汇市场一周回顾（2025年5月5日-5月9日） 欧元和英镑：欧元震荡下行，英镑承压 欧元本周走势震荡，周初连续上涨二个交易日后，周三周四连续下跌，周五以小幅反弹报收于1.12511。整体处于振荡调整阶段。整体而言，欧元兑美元在 1.12附近波动，面临1.2150的长期压力线限制，上行动能不足，短期或维持在较小的上升通道内运行。 英镑兑美元则因英国央行利率决议临近及经济数据不确定性，波动加剧，整体表现偏弱，收于1.3300左右。 本周全球外汇市场波动显著，围绕贸易谈判，美联储利率决议、全球央行政策动态以及地缘政治风险，主要货币对表现分化，美元指数经历震荡反复，避险 货币和商品货币走势各异。 美元走势：震荡中显现分歧 美元指数本周整体呈现震荡走势，开盘于约99.8附近，最高触及100.64，涨幅约1.03%。美元先是因市场对美联储可能维持利率不变的预期而承压，指数一 度跌破100关口，但在美联储主席鲍威尔对通胀和贸易政策的表态后，美元迅速反弹，周五收于100.42，显示出强劲的短线反弹力量。 不过，美元指数本周仍呈现"多空分歧"，投资者对美国经济数据复杂性及全球经济不确定性保持谨慎态度，市场对美联储未来货币政策 ...

Financial Data and Key Metrics Changes - The company reported a 14% growth in adjusted EBITDA and a 16% growth in adjusted earnings per share for Q1 2025, both excluding reportable catastrophes [5][19] - The holding company liquidity position remained solid at over $500 million at quarter end, with over $100 million returned to shareholders, including $62 million in share repurchases [20] Business Line Data and Key Metrics Changes - In Global Lifestyle, adjusted EBITDA was down 5% compared to last year, impacted by unfavorable foreign exchange and a prior year one-time client contract benefit [21] - Global Automotive saw stable adjusted EBITDA, with improved loss experience offsetting lower investment income [23] - Global Housing achieved a 31% increase in adjusted EBITDA to $269 million, excluding catastrophes, driven by significant policy growth and favorable non-catastrophe loss experience [24] Market Data and Key Metrics Changes - The homeowners business experienced a 17% top-line growth, primarily due to the addition of 70,000 lender-placed policies [12] - The renters business added over 250,000 policies through a new renter's book, contributing to double-digit written premium growth in the property management company channel [13][68] Company Strategy and Development Direction - The company is focused on executing and optimizing partnerships across lifestyle and housing, with significant investments in new programs and clients [6][16] - The strategy emphasizes a differentiated B2B2C distribution model, aiming to leverage competitive advantages and financial performance [15] - The company plans to continue expanding offerings with existing clients and entering adjacent sectors through new product launches [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the ninth consecutive year of earnings growth in 2025, despite macroeconomic uncertainties [16][29] - The company is closely monitoring the impact of tariffs and macroeconomic conditions on claims costs and consumer demand, with a belief that the business model can navigate these challenges [17][29] Other Important Information - The company was recognized by the American Red Cross as a 2025 disaster relief hero for its support during 2024 storms [12] - The 2025 catastrophe reinsurance program was successfully placed, increasing coverage at more attractive terms [26] Q&A Session Summary Question: Update on Global Lifestyle loss ratio and improvement expectations - Management acknowledged the high loss ratio and indicated ongoing efforts in Global Auto to drive improvements, with encouraging trends in loss experience [33][37] Question: Size and cadence of investments in Connected Living - Management confirmed continued investments similar to previous years, with a focus on new client launches and capabilities [39][40] Question: Impact of tariffs on guidance - Management indicated that tariffs are expected to have manageable impacts, particularly in auto and housing, and that the business is well-positioned to navigate these challenges [45][46] Question: Expense ratio impact from catastrophe losses - Management noted that the expense ratio was impacted by higher reinsurance costs and claims management expenses, but underlying expenses remained flat year over year [52][53] Question: Financial impact of Total Wireless by Verizon - Management clarified that the program is a new launch, starting from customer one, and will ramp up over three to four years [60][61] Question: Trends in lender-placed business and voluntary insurance market - Management confirmed continued growth in lender-placed policies, particularly in California and the Midwest, indicating ongoing demand [63][65] Question: Trade-in dynamics and customer behavior - Management noted that customers are keeping devices longer, but promotional activity also influences demand, with competitive intensity expected to drive growth [66][67] Question: Growth in renters business and new customer acquisition - Management highlighted the strategic acquisition of 250,000 policies and ongoing double-digit growth in the property management channel [68][70]

不同货币对的基本面分析框架 外汇市场中，每个货币对的汇率波动均受其发行国（或地区）经济基本面及政策环境的驱动。以下按主 要货币对分类，解析其核心影响因素及分析方法： 一、主要直盘货币对 1. EUR/USD（欧元 / 美元） 核心驱动因素： · 欧美央行政策差异： · 美联储（Fed）与欧央行（ECB）的利率路径对比（如 2022 年美联储激进加息推高美元）。 · ECB 的量化宽松（QE）或缩表（QT）节奏。 · 经济数据对比： · 欧元区：GDP、CPI、ZEW 经济景气指数、德国 IFO 商业景气指数。 · 美国：非农就业、CPI、零售销售、ISM 制造业 PMI。 · 地缘政治风险： · 俄乌冲突对欧洲能源供应链的冲击（如天然气价格影响欧元区贸易平衡）。 · 欧盟内部财政政策分歧（如南欧国家债务危机风险）。 策略启示： 当欧美利差扩大时（如美联储加息快于 ECB），EUR/USD 倾向下行；关注欧美 CPI 差值预判政策转向 时点。 2. USD/JPY（美元 / 日元） 核心驱动因素： · 美日利差与日本央行（BOJ）政策： · BOJ 的收益率曲线控制（YCC）政策调整（如 2022 年 12 月 ...

Financial Data and Key Metrics Changes - Consolidated revenue increased by 11% to $1.54 billion, setting a new first-quarter record, with gross and operating margins at 57.6% and 21.7% respectively, leading to record operating income of $333 million, up 12% year over year [4][17] - Pro forma EPS rose by 13% year over year to $1.61, while GAAP EPS was reported at $1.72 [17][4] Business Segment Data and Key Metrics Changes - **Fitness Segment**: Revenue increased by 12% to $385 million, driven by strong demand for advanced wearables, with operating income of $78 million and gross margin of 57.2% [10][11] - **Outdoor Segment**: Revenue surged by 20% to $438 million, with operating income of $129 million and gross margin of 64.2% [12] - **Aviation Segment**: Revenue grew by 3% to $223 million, with operating income of $48 million and gross margin of 75% [13][14] - **Marine Segment**: Revenue decreased by 2% to $319 million, with operating income of $87 million and gross margin of 58.2% [15] - **Auto OEM Segment**: Revenue increased by 31% to $169 million, with a gross margin of 18% and a narrowed operating loss of $9 million [16] Market Data and Key Metrics Changes - Revenue growth by geography showed 23% growth in EMEA, 9% in APAC, and 4% in the Americas [18] - Approximately 40% of revenue is generated in non-U.S. Dollar currencies, benefiting from a weaker U.S. Dollar [9][21] Company Strategy and Development Direction - The company is adapting to a dynamic global trade environment, with a focus on mitigating tariff impacts and maintaining a diversified business model [5][10] - New product launches, such as Garmin Connect Plus and the Vivoactive six smartwatch, are part of the strategy to enhance customer engagement and drive revenue growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted a modest reduction in demand due to the current trade environment, but emphasized strong product lines and a resilient business model [10][9] - The company is maintaining its revenue growth estimates for various segments, with a cautious outlook on potential demand shifts [10][14] Other Important Information - The company updated its full-year 2025 guidance, estimating revenue of approximately $6.85 billion, reflecting favorable foreign currency impacts and modest demand weakening [21][22] - The effective tax rate for the quarter was reported at 14.5%, down from 15.6% in the prior year [20] Q&A Session Summary Question: Demand trends across segments and inventory building - Management indicated no signs of weakness in demand, with strong sell-through rates and no overstocking observed [25][26] Question: Launch timing of Garmin Connect Plus - The decision to launch was driven by advancements in AI-based insights, with positive initial customer reception [28][30] Question: Disaggregation of demand weakness versus FX tailwinds - Management refrained from providing specific figures but acknowledged a modest decrease in demand while highlighting FX benefits [35][38] Question: Mitigation strategies for tariffs - Management is evaluating various mitigation strategies on a case-by-case basis, including sourcing actions and pricing adjustments [40][42] Question: Marine segment promotional timing - The decrease in marine revenue was attributed to the timing of promotions, with expectations of a ripple effect into the second quarter [49][50] Question: Consumer demand outlook for the second half - Management remains cautiously optimistic, factoring in potential softness but noting strong current demand [55][56] Question: Subscription and software revenue reporting - Subscription revenue will be reported separately once it reaches 10% of consolidated revenue [71][72] Question: Impact of tariffs on aviation products - The impact is limited as most aviation manufacturing occurs in the U.S., though some materials are sourced internationally [84]

Garmin (GRMN) Q1 2025 Earnings Call April 30, 2025 10:30 AM ET Company Participants Teri Seck - Director of IRClifton Pemble - President & CEODouglas Boessen - CFO & TreasurerJoseph Cardoso - Vice President, Equity ResearchErik Woodring - Managing Director - Equity ResearchGeorge Wang - Vice PresidentIvan Feinseth - Chief Investment Officer Conference Call Participants Joseph Nolan - Associate AnalystBen Bollin - Analyst & PartnerRon Epstein - AnalystNoah Zatzkin - Vice President & Equity Research Analyst O ...

The positive, post-earnings momentum lifting AbbVie's (ABBV 3.57%) stock price continued on Monday. The veteran healthcare company's shares booked a gain of more than 3% during the trading session. The key reason was a pair of bullish analyst notes on its business. That rise meant the stock easily beat the S&P 500 index, which could only manage a less than 0.1% gain. Still flying after first-quarter resultsOf the two notes, arguably the more impactful was the one BMO Capital's Evan David Seigerman published ...

Costco Wholesale (COST) 2025 Update / Briefing February 05, 2025 04:00 PM ET Company Participants Josh Dahmen - Assistant Vice President of Financial Planning & Investor Relations Josh Dahmen Hello. I'm Josh Damon, AVP of Finance and Investor Relations, and I will review our sales results for the four week retail month of January, which started on Monday, January 6 and ended on Sunday, February 2. This period is compared to the four weeks that began last year on Monday, January 8 and ended on Sunday, Februa ...