Hong Kong is poised to achieve its goal for economic growth this year, Financial Secretary Paul Chan wrote in his weekly blog https://t.co/iNbMrpMdQu ...

Guinea’s economy is expected to grow 7.2% by the end of 2025, slightly above the 7% initially forecast, Budget Minister Facinet Sylla said https://t.co/TVuewSkJCa ...

Washington may be closed for business, but the economy keeps humming. Plus, investment newsletter commentary on housing-market troubles, the oil-price outlook, and attractive dividend stocks. ...

The rush to invest in AI and the stock-market surge it created are boosting US economic growth. https://t.co/M20jY7Zb9E ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $24.3 million, an increase from $23.1 million in Q2 2025 and $23.7 million in Q3 2024, driven by higher average assets under management [14] - Net income for Q3 2025 was $3.7 million, or $0.41 per share, compared to $1 million, or $0.12 per share in Q2 2025, and $0.1 million in Q3 2024 [15] - Economic earnings for Q3 2025 were $5.7 million, or $0.64 per share, compared to $2.8 million, or $0.32 per share in Q2 2025, and $1.1 million, or $0.13 per share in Q3 2024 [15] Business Line Data and Key Metrics Changes - The enhanced midstream income ETF, MDST, surpassed $150 million in assets under management and maintained an annualized indicated dividend yield exceeding 10% [4][10] - The Income Opportunity Fund, WHGIX, received a Morningstar ratings upgrade to four stars and maintained a top decile ranking since inception [4][6] - The private fundraising initiative exceeded the annual goal by 1.5 times through September 30, 2025 [9] Market Data and Key Metrics Changes - Year-to-date net sales improved by 17% compared to last year and by 57% compared to 2023 [8] - The institutional channel experienced negative net flows this quarter, primarily due to sub-advisory business rebalancing [8] - The intermediary channel had success with private fundraising, contributing significantly to overall performance [9] Company Strategy and Development Direction - The company is focusing on expanding its ETF platform and has launched 11 new sector funds to provide investors with more precise control over risk and sector exposure [11] - The strategy emphasizes unlocking opportunities in undervalued segments, particularly small-cap stocks and broader value styles [7] - The company aims to enhance operational efficiencies and reduce costs while evaluating paths to improve services moving into 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding investment opportunities shifting towards undervalued segments as market dynamics evolve [7] - The company anticipates continued stability with existing clients and expects to win more mandates in mid-cap for defined contribution plans [8] - Management acknowledged the disappointing outflows concentrated in the large-cap area but highlighted a strong pipeline for new business totaling $1.6 billion [22] Other Important Information - The Board of Directors approved a regular cash dividend of $0.15 per common share, payable on January 2, 2026 [17] - The company reported a solid financial position with cash and liquid investments totaling $39.2 million and a debt-free balance sheet [16] Q&A Session Summary Question: ETF Success and Future Leverage - The company has worked hard to grow its ETF business through traditional channels and is close to gaining access to one of the largest wirehouse platforms [19][20] Question: Outflows and New Business Pipeline - Management acknowledged the disappointing outflows but emphasized a strong pipeline for new business and successful private fundraising initiatives [22]

Monetary Policy Stance - The ECB decided to keep the three key interest rates unchanged [1][24] - The ECB will follow a data-dependent and meeting-by-meeting approach to determine the appropriate monetary policy stance [3][24] - The ECB is not pre-committing to a particular rate path [3][25] Inflation Assessment - Inflation remains close to the 2% medium-term target [1][2][13][14][24] - Annual inflation increased to 2.2% in September, up from 2% in August, mainly due to energy prices [11] - Inflation excluding energy and food rose to 2.4% from 2.3% in August [12] Economic Outlook - The economy grew by 0.2% in the third quarter [4] - Unemployment at 6.3% in September remains close to its historical low [6] - Bank lending rates for firms averaged 3.5% in August [21] - The average interest rate on new mortgages stood at 3.3% in August [23] - Growth in mortgage lending ticked up to 2.6% in September from 2.5% in August [23] Risks and Uncertainties - Ongoing global trade disputes and geopolitical tensions create uncertainty [2][16] - A volatile global trade environment could disrupt supply chains and dampen exports [15] - Geopolitical tensions, particularly Russia's war against Ukraine, remain a major source of uncertainty [16]

Core Insights - Apollo Global Management, Inc. (NYSE:APO) is identified as one of the best bargain stocks to buy in November, despite a recent price target reduction by Morgan Stanley from $154 to $151 while maintaining an "Equal Weight" rating [1] - The company is planning to sell its Hispanic grocery chain, Heritage Grocers Group, which could generate approximately $1.5 billion, amid declining consumer demand in Latino communities due to fears of immigration raids [2] - Baron Funds noted that shares of Apollo detracted in Q1 2025 due to a reversal in economic sentiment and capital market activity, although they continue to hold the stock due to Apollo's focus on credit and strong management [3] Group 1: Stock Performance and Analyst Ratings - Morgan Stanley reduced the price target on Apollo's stock to $151 from $154, citing updated price targets for Alternative Asset Managers in North America [1] - The performance of alternative asset manager stocks, including Apollo, has been affected by uncertainty and volatility surrounding economic policies, leading to a reversal of gains from the previous year [3] Group 2: Business Developments - Apollo Global Management is planning to divest its Heritage Grocers Group, potentially raising around $1.5 billion, as the grocery chain has faced challenges due to weak consumer spending [2] - The grocery chain's performance has been negatively impacted this year, particularly in Latino communities, due to concerns over immigration raids affecting consumer demand [2]

Economic Performance - Mexico's economy experienced a slight contraction in the third quarter [1] Policy Impact - President Sheinbaum's growth stimulation plans are underperforming expectations [1] Trade Relations - Trade tensions with the US are ongoing [1]

Core Viewpoint - The European Central Bank (ECB) has maintained its key interest rate at 2% for the third consecutive meeting, indicating that inflation is under control and European businesses are managing the impact of higher U.S. tariffs better than expected [1][7]. Economic Growth and Competitiveness - Despite a modest growth outlook, concerns about Europe's economic competitiveness are rising, particularly in light of increasing competition from China and higher U.S. tariffs [3][4]. - Recent surveys indicate a modest upswing in European business activity at the start of the fourth quarter, with a growth of 0.2% in the third quarter compared to the previous quarter and a 1.3% increase year-over-year [6]. Inflation Control - Inflation was recorded at 2.2% in September, slightly above the ECB's target of 2%, leading analysts to suggest that the ECB may not change rates again until next year [7]. Monetary Policy Stance - The ECB's current stance contrasts with the U.S. Federal Reserve, which has recently cut rates to support growth amid elevated inflation [8]. - ECB President Christine Lagarde emphasized that while the monetary policy is in a good place, it is not fixed, and future decisions will be data-driven [5].

Economic Outlook - Mexico faces an economic test balancing growth with a volatile relationship with the US [1] - The country's growth could outpace the US by the end of the decade if Plan Mexico succeeds [3] - Markets are cautiously optimistic, seeing both promise and peril in Mexico's balancing act [4] Trade Relations - Nearly 80% of Mexican exports are bought by the US, ranging from cars to oil [2] - Threats of tariffs from Washington can destabilize the peso and investment [2] Policy & Initiatives - The current administration is focused on industrialization and energy reforms [2] - Plan Mexico aims to transform border states into manufacturing powerhouses [3]