Asia Economics | Asia Pacific The Viewpoint: Why the RMB will not follow the yen path of 1985-95 We don't expect the RMB to appreciate significantly given persistent deflationary pressures and need to keep monetary policy accommodative. Pursuing currency appreciation on its own would exacerbate deflation, might be insufficient to secure a trade deal, and wouldn't bring sustainable rebalancing. Key Takeaways In this report, we draw on the lessons from Japan's currency appreciation after 1985 and highlight th ...

Market Performance - Canada's main stocks benchmark outperformed its US counterpart in the first half [1] - This outperformance was driven by a record-breaking gold rally [1] Economic Context - The positive stock market performance occurred despite ongoing trade tensions and a weakening economy [1]

also pave the way for combination Covid and flu shot. Meanwhile, China's manufacturing sector contracting for the third straight month as deflation fears ripped through the world's second largest economy. Inventory and employment data also declining.For more on China and ongoing trade tensions, let's bring in retail research founder and president David Riedel. David, great to have you with us. >> Thank you.>> We've got a few more economic readings under our belt, so to speak, since the China US trade war re ...

The prospective buyer of TikTok’s American operations cited by Donald Trump is the same investor consortium including Oracle, Blackstone and Andreessen Horowitz, whose bid for the app had stalled amid US-China trade tensions https://t.co/BgQwD54FY3 ...

Group 1 - The article highlights the resurgence of tech stocks, attributed to easing trade tensions and high employment rates, suggesting a potential return to a TINA (there is no alternative) investment environment [2] - The focus is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging, indicating a strategic approach to investment [1] Group 2 - The article emphasizes the importance of performing due diligence and drawing personal conclusions before making investment decisions, reflecting a cautious approach to investment advice [4][5]

Tariffs to tack to now student visa bans. Is there a sense that the U.S. under the Trump administration has a clear China policy, a clear China strategy. So, look, I think the one area, one of a few areas in which there is not real clarity about the ultimate direction of where President Trump wants to take a relationship is between the United States and China.And that's similar to the first term. And I think the reasons for that is that under the Trump tent, there are very different views. You have some peo ...

Core Viewpoint - Barrick Mining Corporation and Agnico Eagle Mines Limited are leading gold producers with diversified portfolios, positioned to benefit from favorable gold prices and geopolitical tensions, making them relevant for investors in the precious metals sector [1][25]. Gold Price Dynamics - Gold prices have increased approximately 29% this year, reaching a peak of $3,500 per ounce in April 2025, driven by aggressive trade policies and central bank accumulation of gold reserves [2]. Barrick Mining Corporation - Barrick is advancing key growth projects, including Goldrush and the Reko Diq project, which are expected to significantly enhance production [4][5]. - The Goldrush mine aims for 400,000 ounces of production annually by 2028, while the Reko Diq project is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually [5]. - Barrick's Lumwana copper mine expansion is a $2 billion project expected to double throughput and produce 240,000 tons of copper annually [6]. - As of Q1 2025, Barrick reported cash and cash equivalents of approximately $4.1 billion and generated operating cash flows of around $1.2 billion, a 59% increase year-over-year [7]. - Barrick's dividend yield is 1.9% with a payout ratio of 28% and a five-year annualized dividend growth rate of about 5.1% [8]. - However, Barrick faces challenges with rising costs, with cash costs per ounce of gold and all-in-sustaining costs increasing by approximately 16% and 20% year-over-year, respectively [10]. Agnico Eagle Mines Limited - Agnico Eagle is focused on growth projects such as the Odyssey project and the Hope Bay project, which is expected to generate significant cash flow [11][12]. - Following its merger with Kirkland Lake Gold, Agnico Eagle has established itself as a high-quality senior gold producer with a strong pipeline of projects [13]. - In Q1 2025, Agnico Eagle's operating cash flow increased by roughly 33% year-over-year to $1,044 million, with free cash flows of $594 million, up around 50% [14][15]. - Agnico Eagle has a lower long-term debt-to-capitalization ratio of about 5% compared to Barrick's 12.3%, indicating lower financial risk [15]. - The company offers a dividend yield of 1.3% with a payout ratio of 32% and a five-year annualized dividend growth rate of 10.3% [15]. - Agnico Eagle's total cash costs per ounce of gold were $903, with projections for 2025 indicating an increase in costs [16]. Stock Performance and Valuation - Year-to-date, Barrick's stock has increased by 36.3%, while Agnico Eagle's stock has risen by 56.8%, outperforming the Zacks Mining – Gold industry's increase of 55.4% [17]. - Barrick is trading at a forward 12-month earnings multiple of 10.73, representing a 23.8% discount to the industry average of 14.08X [20]. - Agnico Eagle trades at a premium with a forward earnings multiple of 20.27, above the industry average [21]. Growth Prospects - The consensus estimates for Barrick's 2025 sales and EPS imply year-over-year growth of 13.7% and 43.7%, respectively [22]. - Agnico Eagle's 2025 sales and EPS estimates suggest year-over-year growth of 23.6% and 43%, respectively [23]. - Both companies are well-positioned to capitalize on the current gold price environment, but Agnico Eagle's higher dividend growth rate and lower leverage may present better investment prospects [25].

Equity Research 13 June 2025 Barclays Metals & Mining Mined Matters – What's behind the platinum breakout? Our weekly briefing covering top news flow in the space, chart of the week, latest positioning data, commodity price moves, sound bites from the supply chain, recent global research, upcoming events, and corporate access. Chart of the Week European Metals & Mining NEUTRAL European Metals & Mining Amos Fletcher, CFA +44 (0)20 7773 2225 amos.fletcher@barclays.com Barclays, UK Ian Rossouw, CFA +44 (0)20 3 ...

>> Investors are paying close attention to Iran and Israel trading strikes. In addition, the fed begins its latest meeting today. Joining us now on rates Megan Draper, global head of debt capital markets at Barclays.And you know, as usual another day we've got another another scary talk about how US debt level highest the talk of Wall Street. Have you been talking about it a lot. The high debt level.Yes. >> I think the most worrisome part of the market has been the volatility in rates, without question. But ...

Economic Overview - Inflation is cooling at a faster rate than expected, with the consumer price index (CPI) rising only 0.1% sequentially in May, lower than the consensus estimate of 0.2% [3][9] - Year-over-year, CPI increased 2.4%, aligning with analysts' expectations, while core CPI rose 0.1% sequentially and 2.8% year-over-year, both lower than expected [3][4] Consumer Discretionary Stocks - Positive sentiment in the market suggests investing in consumer discretionary stocks such as Carnival Corporation & plc (CCL), Fox Corporation (FOX), Netflix, Inc. (NFLX), and Interface, Inc. (TILE) [2][8] - These stocks have seen positive earnings estimate revisions in the last 60 days, with each carrying a Zacks Rank 2 (Buy) [2] Company-Specific Insights Carnival Corporation & plc - Carnival Corporation operates as the largest cruise operator globally, carrying nearly half of the global cruise guests [10] - The expected earnings growth rate for the current year is 31.7%, with the Zacks Consensus Estimate for current-year earnings improving by 1.1% over the last 60 days [10] Fox Corporation - Fox Corporation produces and distributes news, sports, and entertainment content, with brands including FOX News and FOX Sports [11] - The expected earnings growth rate for the current year is 32.4%, with the Zacks Consensus Estimate for current-year earnings improving by 1.1% over the past 60 days [11] Netflix, Inc. - Netflix is a pioneer in the streaming space, aggressively building its portfolio of original shows to maintain its leading position [12] - The expected earnings growth rate for the current year is 27.7%, with the Zacks Consensus Estimate for current-year earnings improving by 3.3% over the past 60 days [12] Interface, Inc. - Interface is the world's largest manufacturer of modular carpets, committed to sustainability while enhancing shareholder value [13] - The expected earnings growth rate for the current year is 8.2%, with the Zacks Consensus Estimate for current-year earnings improving by 2.6% over the past 60 days [13]