据央视新闻消息，当地时间10月31日，当被问及美国与加拿大是否将重启谈判时，美国总统特朗普表 示"不会"。 理卡尼 视觉中国 图 另据路透社报道，加拿大总理卡尼11月1日表示，他已就一则反关税广告向特朗普致歉。该广告引用了 美国前总统罗纳德·里根关于自由贸易的讲话，以此批评贸易壁垒。卡尼说，"我确实向特朗普总统道歉 了，他对此感到不满"。卡尼还表示"当美国准备好时"，贸易谈判将重启。 加拿大安大略省政府10月14日投放了一则广告，内容包括美前总统里根在1987年的一次电台讲话摘 录："关税只在短时间内有效……伤害所有美国工人和消费者。"该广告随后附加评论称，"高关税不可 避免地会导致外国报复，并引发激烈的贸易战。" 10月23日，里根基金会在公开声明中表示，上述广告歪曲了里根的原意，安大略省政府也没有获得该文 献的授权，该基金会正在考虑通过法律手段维权。 就在同一天（10月23日），特朗普宣布中止与加拿大的贸易谈判，指责加拿大"欺骗性地"声称美国前总 统里根反对关税。特朗普25日还称，由于加拿大安大略省投放针对美国上调关税的电视广告，他打算对 进口自加拿大的商品在现有关税基础上再加征10%关税。 智通财经记者 ...

来源：滚动播报 美联储理事米兰：不认为关税推高了通胀。 ...

Core Points - Canadian Prime Minister Carney apologized to U.S. President Trump regarding anti-tariff advertisements [2] - Trump announced on October 23 that he would suspend trade negotiations with Canada due to dissatisfaction with an advertisement sponsored by the Ontario government [3] - Trump accused Canada of misleadingly claiming that former U.S. President Reagan opposed tariffs [3] - Following the advertisement, Trump stated he plans to impose an additional 10% tariff on goods imported from Canada [3] - Carney expressed Canada's readiness to resume and advance trade negotiations with the U.S. but noted that Canada cannot control U.S. trade policy [3]

Core Insights - The impact of Trump's tariffs has been minimal so far, but it is expected to become more pronounced during the upcoming holiday shopping season as consumers will start to feel the price increases [1] - Economists predict that common inflation indicators like CPI and PCE will not see significant spikes, but tariffs will keep these indicators elevated during periods when they would typically decline [1][2] Group 1: Tariff Impact on Inflation - Bank of America economists assert that tariffs have indeed raised consumer prices, despite initial minimal effects due to companies stockpiling goods and absorbing some costs [2] - The tariffs are projected to increase the core PCE index by approximately 0.5%, with September's inflation rate estimated at 2.9% under tariffs, compared to 2.4% without them [2] - The Federal Reserve aims to maintain core inflation at 2%, but this target has been exceeded since March 2021, complicating monetary policy decisions [2] Group 2: Consumer Experience and Price Sensitivity - Real-life inflation is reflected in rising prices of everyday items like coffee, furniture, and clothing, with clothing prices increasing by 0.7% in September [3] - Certain goods, despite having a small weight in the CPI, can disproportionately affect consumer confidence and perceptions of inflation, creating a feedback loop that further drives prices up [4] - Seasonal items, such as artificial Christmas trees imported from China, are expected to see significant price increases due to tariffs, impacting consumer sentiment during the holiday season [5]

Financial Data and Key Metrics Changes - The company generated revenues of $165 million and adjusted consolidated EBITDA of $21 million in Q3 2025, with net income totaling $2 million or $0.03 per share, which included charges of $4 million related to U.S. land restructuring efforts [11][12] - Cash flow from operations increased to $31 million, a 105% sequential increase, and free cash flow was $23 million [9][12] - The backlog increased to $399 million, the highest level since June 2015, with robust bookings of $145 million, representing a 29% quarter-over-quarter increase [6][12] Business Line Data and Key Metrics Changes - The offshore manufactured products segment generated revenues of $109 million and adjusted segment EBITDA of $22 million, with an adjusted segment EBITDA margin of 21% [11] - The completion and production services segment generated revenues of $28 million and adjusted segment EBITDA of $8 million, achieving an adjusted segment EBITDA margin of 29% [11] - The downhole technologies segment generated revenues of $29 million but reported an adjusted segment EBITDA loss of $1 million due to higher costs from tariffs and lower international activity levels [12] Market Data and Key Metrics Changes - 75% of consolidated revenues were generated from offshore and international projects, reflecting a strategic shift towards longer cycle, higher margin work [6] - U.S. land completion activity declined significantly, with the average U.S. frac spread count down 11% sequentially due to weaker crude oil prices and OPEC Plus's production cuts [7][12] Company Strategy and Development Direction - The company is focused on growing its offshore and international presence while managing volatility in U.S. land activity and driving cash flow generation [10][16] - The strategy includes leveraging cutting-edge technologies and optimizing operations to enhance performance and safety [9][10] - The company anticipates continued strength in future bookings, with a fourth quarter book-to-bill ratio expected to exceed one time [14] Management's Comments on Operating Environment and Future Outlook - Management noted that while U.S. land-based activity may remain subdued into 2026, offshore and international markets are expected to improve due to a growing emphasis on exploration and offshore development [14][42] - The fourth quarter consolidated revenues are expected to increase by 8% to 13% sequentially, with adjusted EBITDA projected to range from $21 million to $22 million [14][54] Other Important Information - The company received two Energy Workforce and Technology Council Safety Awards, highlighting its commitment to health, safety, and environmental improvements [10] - Ongoing deleveraging efforts are expected to unlock additional equity value for stockholders as the company pays off convertible senior notes at maturity in April 2026 [9] Q&A Session Summary Question: Insights on offshore versus U.S. land spending - Management views the trend towards offshore spending as a secular shift, with greater success in deep water and lower break-even costs driving investments [40][42] Question: Impact of tariffs on downhole technologies - Tariffs have significantly impacted the downhole technologies segment, particularly due to increased costs from imported materials, but the completion and production services segment remains less affected [24][27] Question: Margin impacts from U.S. land restructuring - Management expects to see cleaner margins by the end of the year as restructuring efforts conclude, with anticipated EBITDA margins in the high 20s to low 30s for 2024 [33][34] Question: Backlog realization and military awards - Current backlog realization is slightly elongated due to military awards, but future awards are expected to revert to longer-term trends [36] Question: Strategy for U.S. land business - The company is selectively pursuing product lines in the U.S. land market, focusing on those that generate returns and free cash flow [49][50] Question: Fourth quarter guidance and cash flow expectations - Management confirmed expectations for strong fourth quarter cash flow, projecting over $100 million for the year, with significant free cash flow anticipated [52][54]

贝森特表示，中国已经批准了TikTok的转让协议，并称预计该协议将在未来几周和几个月内得到推进，但未透露其他细节。中国商务部此前发表声明称，中方将与美方妥善解决TikTok相关问题。https://t.co/OXLQVwoG6O外汇交易员 (@myfxtrader):#要闻 中国商务部：美方将取消针对中国商品加征的10%所谓“芬太尼关税”，对中国商品加征的24%对等关税将继续暂停一年。中方将相应调整针对美方上述关税的反制措施。双方同意继续延长部分关税排除措施。 https://t.co/aUdxNFhGNK ...

Thanks. Let's get to Emily Wilkins who has that story for us. Hi Emily.>> Hey Margan. Well, yes. The Senate just adopted a resolution that would overturn the powers that Trump used to set up many of his tariffs.This is the AIPA. It's the one that's going in front of the Supreme Court and being debated on. You know, Congress, they do get to assert their power over whether or not the president can continue to use that.And so, they put forward a resolution today. It's actually the third one this week that the ...

Financial Data and Key Metrics Changes - The company reported Q3 2025 sales of $194.5 million, a 10.6% increase year-over-year, with comparable store sales up 7.1% [3][13] - Gross margin improved to 60.3% from 60.2% in Q3 2024, with a pre-tax profit of $6.4 million, down from $6.9 million in the prior year [4][14] - Earnings per share (EPS) decreased to $0.28 from $0.29 in Q3 2024 [15] Business Line Data and Key Metrics Changes - The design business accounted for 34.2% of sales, driven by a 7.1% increase in special order upholstery [5] - Average ticket size increased to over $4,000, with design average ticket rising to over $8,000 [4][5] - All product categories showed increases, with bedroom and bedding leading in growth at low to mid double digits [9] Market Data and Key Metrics Changes - Customer traffic remained positive, with mid single-digit growth compared to last year [5] - The company noted that customers with household incomes over $150,000 continued to spend, providing confidence for future performance [5] Company Strategy and Development Direction - The company aims to return to a billion-dollar revenue level without additional investments in distribution infrastructure [3] - Plans to open four additional stores in 2026, focusing on improving customer experience through investments in bedding departments and design centers [11] - The company is adjusting retail prices strategically to maintain values and margins in response to new tariffs [6][7] Management's Comments on Operating Environment and Future Outlook - Management highlighted ongoing challenges such as high interest rates, rising home prices, and geopolitical tensions affecting consumer confidence [5] - Despite these challenges, management expressed optimism due to strong performance in key markets and customer segments [5][12] Other Important Information - The company invested an additional $2.8 million in marketing during the quarter, including a successful direct mail campaign [10] - The company has a debt-free balance sheet and ended the quarter with $130.5 million in cash and cash equivalents [16] Q&A Session Summary Question: Can you comment on the monthly trends in Q3 and any regional differences? - Management reported July sales up 10.6%, August up 10.9%, and September up over 8%, with consistent delivery performance across regions [20][21] Question: Can you quantify the impact of tariffs on the quarter? - Management indicated they do not have a specific dollar impact but adjusted pricing to mitigate tariff effects [22][24] Question: How should expenses be viewed for next year? - Management expects normal inflationary increases in non-variable costs, with a focus on maintaining marketing levels [26][28] Question: What is the level of sales needed to leverage SG&A expenses? - Historical data suggests that sales above $800 million lead to significant operating margin expansion [35]

Core Insights - Airbus has lowered its A220 production target from 14 to 12 jets per month, which is seen as the break-even rate for the aircraft [1][4] - The company reported a nearly 40% increase in core operating profit for Q3, reaching €1.94 billion [1] - The CEO emphasized the challenges in ramping up production and integrating work packages from Spirit AeroSystems, which is expected to close by the end of the year [2][3] Production and Delivery Challenges - Airbus aims to deliver around 820 planes this year, having delivered 507 so far, indicating a need to deliver 300 planes in the last quarter [6][7] - The company is experiencing a backlog, particularly with fully assembled planes that lack engines, although the number of such planes has decreased to 32 [7] - The production ramp-up for the A220 is considered a significant challenge, with the target of 12 jets per month viewed as a success if achieved [3] Geopolitical and Tariff Impacts - The company is navigating complex geopolitical dynamics, particularly between the US and China, which affects its operations [8][10] - Recent agreements have alleviated some tariff pressures between the US and EU, which is beneficial for Airbus [9][11] - The company is monitoring the impact of China's restrictions on rare earth exports but currently does not foresee significant disruptions [13][15] Joint Venture Announcement - Airbus announced a joint satellite venture with Talis and Leonardo, targeting annual revenues of approximately €6.5 billion [18] - The new joint venture will be based in Toulouse and employ 25,000 people, with Airbus holding the largest stake [18][19] - This initiative is seen as a strategic move to consolidate the fragmented defense and space industry in Europe, with operational goals set for 2027 [19]

Core Insights - Chipotle Mexican Grill Inc. experienced a significant drop in share price, falling 17.58% to $32.77 in pre-market trading following the release of its third-quarter results and a downward revision of its full-year guidance [1] Financial Performance - The company reported third-quarter revenue of $3 billion, reflecting a 7.5% increase year-over-year [2] - Comparable restaurant sales rose by 0.3%, driven by a 1.1% increase in average check size, although this was partially offset by a 0.8% decline in customer traffic [2] - The operating margin decreased to 15.9% from 16.9% year-over-year, while the restaurant-level operating margin fell to 24.5% from 25.5% [2] Cost Structure - Food, beverage, and packaging costs accounted for 30% of total revenue, a slight decrease from 30.6% in the previous year, although inflation in beef and chicken and newly enacted tariffs partially offset this decline [3] - Labor costs represented 25.2% of total revenue, up from 24.9% a year earlier, primarily due to lower sales volumes and wage inflation, though this was partially mitigated by planned menu price increases in 2024 [4] Future Outlook - Management now anticipates low-single-digit declines in comparable restaurant sales for the entire year of 2025 [5] - The company opened 84 new restaurants in the third quarter, including 64 with a Chipotlane [5] - Diluted earnings per share increased to 29 cents, up 3.6% from 28 cents in the same period last year [5] Stock Performance - Year-to-date, Chipotle's stock is down 33.61%, with a 52-week trading range of $38.30 to $66.74 and a market capitalization of $53.31 billion [6]