Investment Rating - The report indicates a cautious outlook on global trade due to the impact of tariffs, suggesting potential challenges for investment in related sectors [1]. Core Insights - The momentum in global trade driven by US frontloading has diminished, with a significant decline in US imports observed since March, particularly in pharmaceutical imports from Europe [1] - Approximately 70% of major economies have PMIs for new export orders below 50, indicating contraction in new export orders since April [1] - The restraining effects of tariffs on trade are becoming increasingly evident, with further impacts likely to materialize in the future [1] Summary by Sections Global Trade Dynamics - US imports through May have sharply retreated from their March highs, with pharmaceutical imports from Europe showing a marked decline [1] - New export orders for countries outside the US have contracted since April, reflecting a broader slowdown in global trade activity [1] Economic Indicators - The PMI for new export orders in June was reported at 48.9 for the global economy excluding the US, indicating a contraction [5] - The US PMI for new export orders was slightly better at 51.0, suggesting a marginal expansion compared to the global average [9] Trade Order Trends - The divergence between exports and imports is highlighted, with global imports rising significantly due to increased precious metal imports to the US, which are not reflected in export figures [54][55]

Core Insights - Alibaba.com and Wix.com have formed a strategic partnership to empower digital entrepreneurs, new businesses, and SMEs to enhance their global reach [1] - The collaboration aims to facilitate seamless global trade across over 200 countries and regions [1] Strategic Initiatives - **Alibaba.com Seller App Integration with Wix Marketplace**: Wix merchants can become Global Gold Suppliers on Alibaba.com by downloading the Alibaba.com Seller App, which automates product and order synchronization, simplifying global selling processes [2] - **Smart and Efficient Sourcing from Alibaba.com for Wix Merchants**: Wix merchants will have access to a curated sourcing marketplace, allowing them to discover reliable suppliers and source products tailored to their needs, enabling quick market testing and private-label creation [3] - **Direct Access to Wix's AI Platform for Alibaba.com Sellers**: Alibaba.com sellers can build branded D2C and B2B storefronts using Wix's AI, design, marketing, and eCommerce tools, enhancing their digital presence and customer engagement [4] Leadership Statements - Kuo Zhang, President of Alibaba.com, emphasized the commitment to creating accessible global trade opportunities for businesses of all sizes, highlighting the partnership's role in simplifying international trade [5] - Nir Zohar, President of Wix, noted that the collaboration opens new opportunities for users to access international wholesale markets and strengthen customer connections [5] Future Enhancements - The partnership will roll out in phases, with anticipated features including AI-powered product discovery, automated onboarding processes, and intelligent product-matching tools aimed at benefiting small and medium-sized enterprises [5]

Business Focus - The firm is focused on two main businesses: corporate and institutional banking, and wealth and private banking, assisting clients with international needs [3] - The firm banks 90% of the Fortune 100 companies [3] - The firm also supports innovation economy startups, including 1,200 innovation clients globally across five core markets, acquired through SVB two years ago [4] Geopolitical Uncertainty and Trade - The firm helps clients navigate geopolitical uncertainty, including trade tariffs, currency hedging, and supply chain repositioning [2] - The firm sees increased global trade volumes despite challenges, with clients cautiously optimistic [5] - US import duties with a 10% baseline tariff will be challenging for some American companies [5] - Trade is not expected to collapse; instead, different corridors and cost equations may emerge, managed through innovation [9] Currency and Payments - The firm's payments business processed 550 trillion in payments across 130 currencies last year, assisting clients with hedging [8] - Currency hedging is increasing as clients seek agility, especially with the dollar at a three-year low [7][8] Strategic Responses to Cost Impact - Companies may respond to cost impacts by passing them on to consumers, absorbing them in margin, or negotiating with suppliers [7] Growth Corridors - The firm is helping clients navigate new growth corridors, with significant volume between the US and UK, US and India (up 22% last year), and US and Middle East [6] Client Sentiment - Approximately 93% of the clients in the US are optimistic overall [9]

The Iran-Israel war highlighted a critical flaw in shipping's satellite-based systems that makes the industry hauling 80% of global trade vulnerable to mass-jamming https://t.co/v3NwVuTbKz ...

The Iran-Israel war highlighted a critical flaw in shipping's satellite-based systems that makes the industry hauling 80% of global trade vulnerable to mass-jamming https://t.co/5TYIwS8Pt9 ...

Experts share strategies on where to invest in India as Trump's tariffs rewrite the global trade rulebook https://t.co/0xZoEgaGLN https://t.co/UX7wz6ZblR ...

Global Trade & Investment Flows - China's annual trade surplus, reaching trillions of dollars, cannot be fully invested domestically [1] - This surplus capital from global trade profits is being invested outside of China, significantly in the US stock market and real estate [2] - The influx of foreign capital, particularly from China's trade surplus, has contributed to inflated asset prices in the US [2] US Economic Impact - US dominance and exceptionalism have been partially funded by the trade surpluses of global peers [2] - The current economic relationships contribute to the wealth gap between the upper and lower classes in the US [2] Market Valuation - The presence of trade surplus funds in the NASDAQ has driven up company valuations to potentially irrational levels, such as 50 times earnings [3]

[CC may contain inaccuracies] How important is the Strait of Hormuz right now. And even if we don't necessarily see a closure or just disruptions in that region. I mean, massively important, 20% of the world's oil is flowing there and the roughly equivalent amount of the world's gas.What is particularly challenging right now is some of the jamming that's happening on GPS devices and the like, which which is a concern. The Strait of Hormuz is, at the end of the day, the artery through which the world's energ ...

Trade Restructuring - Trade restructuring with major powers like the EU and China, and smaller ones like Vietnam, is necessary [1] - Trade imbalances contribute to debt and are unsustainable [2] - Trade restructuring could contribute to tax revenues [2] Economic Security - Dependence on imports, particularly from China, poses a security risk [2] - Increased self-sufficiency is essential in the current global landscape [2]

Core Viewpoint - Prologis offers a dividend yield of 3.8%, which is high compared to its historical range, and despite current tariff tensions, the long-term outlook remains positive due to a significant internal growth opportunity valued at $42 billion [1][10]. Company Overview - Prologis is a real estate investment trust (REIT) specializing in industrial properties, particularly warehouses in key international trade hubs, with a market capitalization of approximately $100 billion, making it one of the largest publicly traded REITs [2][5]. Asset and Operations - The company owns over 5,800 buildings, encompassing more than 1.3 billion square feet of space across 20 countries, serving around 6,500 customers, and managing $198 billion in assets for institutional investors [4]. Market Position and Strategy - Prologis's size provides advantageous access to capital markets and positions it as an industry consolidator, although its focus on global distribution hubs ties it to global trade dynamics, which are currently affected by tariff issues [5][6]. Growth Opportunities - The undeveloped land owned by Prologis is estimated to support a build-out worth $42 billion, representing a significant long-term growth opportunity relative to its market cap [8][9]. - The company plans to utilize this growth opportunity over time, ensuring that capital investment aligns with tenant demand, thus providing sustained growth potential [9][10].