Core Insights - Hiab's profitability has been negatively impacted by lower sales in the US market, leading to a decrease in comparable operating profit margin to 11.4% [10][15][17] - The company has maintained its outlook for 2025, estimating a comparable operating profit margin above 13.5% [4][20] Financial Performance - In Q3 2025, orders received decreased by 3% to EUR 351 million compared to EUR 361 million in Q3 2024 [9][10] - Sales in Q3 2025 fell by 11% to EUR 346 million from EUR 388 million in Q3 2024, with a notable organic decrease of 8% in constant currencies [10][17] - The order book at the end of Q3 2025 was EUR 557 million, down 12% from EUR 636 million at the end of 2024 [9][10] - Services sales increased to 34% of total sales, up from 29% in the previous year [9][10] Segment Performance - The Equipment segment saw a 17% decline in sales to EUR 230 million in Q3 2025, while the Services segment experienced a 4% increase to EUR 116 million [22] - The comparable operating profit for the Equipment segment decreased by 48% to EUR 20.2 million, while the Services segment's profit increased by 24% to EUR 27.3 million [22] Cash Flow and Debt - Cash flow from operations before finance items and taxes was EUR 69 million, a decrease of 53% from EUR 147.6 million in Q3 2024 [14][17] - The company reported a strong net cash position of EUR 308 million following the sale of MacGregor, enhancing its capacity for future investments [19] Strategic Developments - Hiab has initiated a program targeting a EUR 20 million reduction in costs by 2026 to address current market challenges [18] - The company continues to focus on growth in key segments, particularly in North America and Services, while also prioritizing business excellence and M&A activities [18] Market Outlook - Despite current challenges, Hiab remains confident in achieving its long-term growth targets, aiming for over 7% annual growth [18][20] - The company has set ambitious climate targets, which are currently under validation by the Science Based Targets initiative (SBTi) [20]

Core Points - Donald Trump has announced the termination of all trade negotiations with Canada in response to a TV advert opposing US tariffs, claiming it was factually incorrect [1][2] - The advert featured former president Ronald Reagan criticizing tariffs for causing job losses and trade wars, which has led to accusations from the Ronald Reagan Presidential Foundation against the Ontario government for using selective audio and video [2][3] - This announcement could escalate existing trade tensions between the US and Canada, which have been building for months, despite recent talks between Canadian Prime Minister Mark Carney and Trump [3] Trade Impact - More than 75% of Canada's exports are directed to the US, with C$3.6 billion (approximately £1.9 billion) of Canadian goods crossing the border daily [6]

Core Insights - Wall Street experienced a marginal increase on Thursday, influenced by disappointing earnings reports from Tesla and IBM, alongside ongoing U.S.-China trade tensions that limited risk appetite [1] Company Summaries - Tesla reported underwhelming earnings, contributing to a cautious market sentiment [1] - IBM also posted disappointing earnings, further impacting investor confidence [1] Industry Context - The U.S.-China trade tensions continue to simmer, affecting overall market risk appetite and investor behavior [1]

Core Insights - The company reported a significant decline in revenues for Q3 2025, with total sales down 10.5% compared to Q3 2024, and a nine-month revenue decrease of 9.2% to €127.5 million [1][4][24] Revenue Breakdown - France cluster revenues for the first nine months of 2025 were €50.0 million, reflecting a 19.3% decline compared to 2024, with Q3 sales down 23.4% [9][10] - International cluster revenues decreased by 1.2% to €77.5 million for the nine-month period, with Q3 sales down 1.1% [11][12] Brand Performance - The William Peel brand faced challenges due to delisting from certain Off-Trade distributors, contributing to a 7.1% decline in consolidated revenue over nine months [9][10] - The Marie Brizard brand experienced sales growth driven by innovations launched in 2024, while Sobieski showed resilience in a competitive environment [7][10] - Spain reported a strong Q3 performance with a 6.0% sales increase, primarily due to Industrial Services [12] Market Conditions - The decline in sales was attributed to difficult annual commercial negotiations and a continuing downturn in the spirits market, particularly in France [7][17] - Export activity faced challenges despite growth in specific markets like Benelux and Poland, with overall export revenues down 18.8% in Q3 [3][11] Strategic Initiatives - The company is focusing on establishing conditions for sustainable development and strengthening its market presence through targeted initiatives and cost management [16][20] - Efforts are being made to mitigate the impact of trade tensions and inflation in cost prices, including price adjustments and expense reductions [18][19] Future Outlook - The company aims to identify profitable growth opportunities, both organic and external, amidst ongoing consolidation in the wine and spirits market [21][24]

Core Viewpoint - Stocks remained largely unchanged as investors evaluated quarterly earnings from major companies like Tesla and IBM [1] Company Summaries - Tesla's quarterly earnings were a focal point for investors, indicating its performance and market position [1] - IBM's earnings report also contributed to the overall market sentiment, reflecting its operational results and strategic direction [1] Industry Insights - The overall market, represented by the Dow Jones Industrial Average and S&P 500, showed minimal movement, suggesting a period of consolidation as investors digest recent earnings reports [1]

Group 1 - Indian shares are expected to open sharply higher due to cautious optimism reflected in Muhurat Trading, with hopes pinned on a potential U.S.-India trade deal that could significantly lower tariffs on Indian exports from an average of 50 percent to about 15-16 percent [1] - India may consider gradually reducing its imports of Russian crude oil in exchange for tariff concessions from the U.S., although market volatility is anticipated due to ongoing geopolitical tensions and rising oil prices following U.S. sanctions on Russia [2] - Oil prices have increased by more than 2 percent for the third consecutive session as a result of sanctions imposed by the Trump administration on Russia related to Ukraine [4] Group 2 - U.S. stocks experienced a decline overnight, influenced by weaker-than-expected earnings reports from Netflix and Texas Instruments, as well as concerns over potential export curbs to China in response to China's rare earth export restrictions [5] - European stocks mostly closed lower, with the pan-European STOXX 600 down by 0.2 percent, amid comments from President Trump regarding his meetings with Russian and Chinese leaders [6]

US-China Trade Relations - The possibility of a meeting between President Trump and President Xi remains uncertain, pending mutual agreement [1][2] - The US expresses willingness to engage in trade talks with China, especially given China's recent measures [2] - The US believes a more balanced trade relationship is needed, as China currently enjoys broader access to the US market than the US has to the Chinese market [10][11] - The US is open to a constructive trading relationship with China, but it must be actively managed [10] Rare Earths and Export Controls - China has implemented new measures on rare earths, raising concerns for the US [3] - China's actions regarding rare earth export controls are viewed as aggressive and disproportionate by the US [4][5] - The US accuses China of expanding controls on rare earths globally, despite a previous agreement to limit them [7] - China's restrictions on rare earths are seen as an attempt to exert economic control [7] - The US has concerns about China potentially using access to semiconductors to gain access to rare earth minerals [14] - The US uses export controls on high-end goods, but China's controls on basic inputs like rare earths are considered broad and indiscriminate [15][16] National Security and Technology - The US prioritizes national security when considering technology exports to China [19] - The US aims to maintain its technological edge and prevent other countries from gaining a competitive advantage [20] - The US government uses inter-agency processes to analyze new technologies and determine appropriate export controls, considering industry input and foreign availability [21]

Core Insights - Oil prices are rising due to the potential for a U.S.-India agreement that may lead to India reducing its imports of Russian crude oil [1] - Brent crude increased by 1.6% to $62.30 per barrel, while WTI rose by 1.7% to $58.20 per barrel [1] - The agreement could also enhance demand for other oil grades [1] Trade Relations - An agreement might also result in reduced tariffs on Indian exports to the U.S., potentially easing trade tensions [2]

Currency Market Overview - The dollar index rose by +0.34% to a four-session high, supported by weakness in the yen and easing US-China trade tensions [1] - The yen fell to a one-week low against the dollar due to expectations of expansionary fiscal policy under new Japanese Prime Minister Takaichi [1][5] - The euro declined by -0.31% as a result of dollar strength and negative sentiment from a credit rating downgrade of France [3] Economic Indicators - The October Philadelphia Fed non-manufacturing business activity survey dropped -9.9 to a four-month low of -22.2, indicating a slowdown in business activity [2] - Markets are anticipating a 97% chance of a -25 basis point rate cut at the upcoming FOMC meeting on October 28-29 [2] Central Bank Policies - The Federal Reserve is expected to continue cutting interest rates, while the European Central Bank (ECB) is nearing the end of its rate-cutting cycle, leading to central bank divergence [3][4] - Swaps indicate a 2% chance of a -25 basis point rate cut by the ECB at the October 30 policy meeting [4] Japan's Economic Data - Japan's September machine tool orders were revised upward to +11.0% year-on-year, marking the largest increase in six months [6]

Core Viewpoint - Gold futures experienced a significant decline of up to 5%, marking the largest one-day drop since August 2020, as the market correction followed a substantial rally earlier in the year [1][4]. Price Movements - Gold futures fell to approximately $4,141 per troy ounce from an intraday record exceeding $4,380, while silver futures dropped as much as 7%, the largest decline since 2021 [1]. - The first major support level for gold is around $4,000, with potential buying interest expected around $4,200 [3]. Market Analysis - Analysts suggest that the recent drop may be a necessary correction after a 28% increase in gold prices since mid-August, driven by central bank purchases and inflows into gold-backed ETFs [4][6]. - The market remains bullish on gold, with Bank of America forecasting a peak of $6,000 per ounce by mid-2026, while Goldman Sachs has raised its price target for gold to $4,900 by the end of next year [7][8]. Investor Sentiment - Investors have shown resilience, buying the dip when gold briefly fell more than 1.5%, indicating ongoing confidence in the metal as a hedge against economic uncertainties [3][4]. - Geopolitical concerns, elevated inflation, and low real interest rates are contributing factors that continue to support bullish sentiment for gold [4][5].