The Rift Between the Market and the Macro The Indian equity market has digested a lot of good news…: Earnings growth is already turning after a six-quarter mid-cycle slowdown and is likely to accelerate further into 2026, driven by reflationary policies of the RBI and the government via rate cuts, bank deregulation and liquidity infusion, continuing capex, tax cuts and relatively stimulating budget. Thus, India's hawkish macro set up post-Covid has unwound. The trade deals and thawing of relations with Chin ...

Australia's biggest companies heading into earnings season in an upbeat mood with expectations for the ASX 200 back at their highest since the middle of 2023. And the materials sector has been driving things thanks to these stronger commodity signals. Although the end of the RBA's easing cycle could weigh on consumer focus, sectors, risks also remain from the strong Australian dollar and elevated valuations.Let's get more with UBS Australia equity strategist Richard Shell back, which is good to see you. How ...

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STRATEGIST AT THE CARSON GROUP RYAN GOOD MORNING. GOOD TO SEE YOU. >> GOOD MORNING FRANK I FORGOT TO GET THE MEMO TO WEAR SOME GREEN TODAY.BUT LOOKING GOOD FRANK. THANKS. >> WELL, THANK YOU VERY MUCH.I'M TRYING TO BE IN THE HOLIDAY SPIRIT. SPEAKING OF THE HOLIDAY SPIRIT, I FOLLOW YOU ON SOCIAL MEDIA. RYAN, YOU WERE POSTING ABOUT THE FACT THAT WE DIDN'T GET A SANTA CLAUS RALLY THE LAST TWO YEARS, BUT WE'VE NEVER MISSED THREE IN A ROW.YOU'RE ALMOST SOUNDS LIKE YOU'RE ALMOST GUARANTEEING A SANTA RALLY THIS YEA ...

Core Viewpoint - The transportation sector is showing positive momentum, with 82% of its stocks trading above their 40-week moving averages, indicating a potential bullish trend in the market [1]. Industry Summary - The S&P industrials, particularly transportation stocks, are performing well, suggesting a favorable economic outlook that may continue into 2026 [2]. - The strong economy is expected to drive better volumes and double-digit earnings growth for transportation companies [3]. - Cost efficiencies and productivity improvements are anticipated to contribute to margin expansion, with a notable reduction in debt levels [4]. Company Summary - Union Pacific (UNP) is highlighted as a buy opportunity, with a modest year-to-date increase of 5%, making it an attractive investment [2]. - The company is expected to achieve double-digit earnings growth, supported by strong fundamentals and an acquisition deal with Norfolk Southern that could add $2 billion in EBITDA synergies [5][6]. - The management team has successfully improved margins by 500 basis points over the last two years, positioning the company to catch up with other transportation stocks [6].

what looks to be another record setting day on the street. >> It does. Um and led by a different group uh than we got used to for most of this year.So yeah, talking about this very very aggressive rotation toward cyclicals. It's been the takeaway from the net dovish message from the Fed. Uh what's interesting is now that we are basically within a few points of the old record in the S&P, it's 6 weeks ago, so you're basically at the same level the S&P 6 weeks ago.You have banks up like 7% since then. Uh trans ...

Group 1 - The cyclical stocks are experiencing a rally, moving beyond the dominance of big tech stocks in large-cap strategies [1][2] - Cyclicals are now outperforming defensive sectors, which were initially favored by investors during periods of macroeconomic uncertainty [2][3] - High-beta stocks are at year-to-date highs relative to the broader market, indicating a shift towards a more bullish market sentiment [3] Group 2 - The BNY Mellon Dynamic Value ETF (BKDV) is an actively managed fund aiming for deep capital appreciation through value stocks [4] - BKDV employs a stock selection process that combines quantitative and fundamental research, focusing on intrinsic value, sound business fundamentals, and positive business momentum [5] - As of October 31, 2025, BKDV has a significant allocation towards cyclical sectors, with financials and industrials making up over 39% of its portfolio [6]

City is sticking with its bullish playbook, focusing on five stock selection narratives. AI at a reasonable price, positive ROE trend, inflecting growth, return on growth capex, and high earning sharp. So, let's bring in Drew Pettit from City to break this all down.Drew, welcome back. Last week, you told us the market's fully valued. This week, you got some themes.Which one of these do you think is the most counterintuitive. >> I would say the inflecting growth theme. It's funny.We're we're talking about th ...

Core Viewpoint - The current market environment is favorable for equities, particularly in the tech and cyclical sectors, with expectations of continued earnings growth and potential for further market rallies as interest rates decline [1][2][4]. Earnings and Growth - Companies are expected to maintain strong margins due to good sales and slow payroll growth, leading to double-digit earnings growth in Q3 [2]. - Small-cap stocks have rallied nearly 40% since April, indicating strong market performance in this segment [4]. Sector Preferences - The cyclical sectors, including financials and industrials, are favored for investment, with expectations of continued performance as the market broadens [2][3]. - Tech remains a strong area of interest, especially during periods of market volatility, with potential for further growth as deregulation takes effect [5]. Market Conditions - The current economic environment is described as "Goldilocks," with the Federal Reserve expected to lower rates, which could lead to increased investor confidence in riskier assets like stocks [4]. - The S&P 500 is projected to reach unprecedented levels, with estimates suggesting it could hit 7,000 [3]. Investor Sentiment - Negative sentiment in the market has been beneficial for equities, and a shift in investor psychology could occur as mortgage rates decline, potentially unlocking the residential housing market [5][6].

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