Kathy, great to have you with us. Let's start broad and talk about where we stand in markets at this point, because you take a look at September performance. This was supposed to be a bad month, seasonally speaking.Instead, we're on track for the fifth straight months of gains. Can we keep this momentum going through year end. Well, we think a lot of good things are happening from a policy backdrop and therefore ultimately a macro backdrop.The deregulation that we're seeing is stunning. It started with cryp ...

(Bloomberg) -- Sweden’s central bank started its hunt for a new deputy governor to replace the outgoing Anna Breman, with bank economists, a pension fund chief and the head of an employers’ organization seen as potential picks.  Breman will leave after nearly six years in the job as she was named the head the Reserve Bank of New Zealand on Wednesday, sparking speculation about who might join Governor Erik Thedeen and three others on the five-member rate-setting board.  The Riksbank is currently facing a ...

Oracle ( ORCL ) has confirmed it will run TikTok US; is naming two CEOs to accommodate the handoffFed Governor Stephen Miran, the 'lone dot' on the Fed Dot Plot, said that Fed rates should be 2.00% lower in his first public speech post-FOMC.The index went from 6,200 to 6,300 in just 15 trading days. From there, it went to 6,400 in 17, 6,500 in 13, and 6,600 in 12. If it were to hit 6,700 today, it would have done so in just 6 trading days.The S&P 500 is sitting just off intraday highs, inching closer and cl ...

Will Donald Trump’s tariffs and France’s political crisis halt Europe’s economic recovery? https://t.co/cVzq4PopTc ...

Wall Street strategists say investors are becoming more concerned about said independence as President Trump seeks to impose his will on the central bank. Jp morgan analyst wrote to clients that, quote, Markets have become more concerned over Fed independence as there are signs of a Fed inflation trade. Goldman Sachs analyst also noted growing concerns around Fed credibility.Let's get Morgan Stanley's take. Joining us now is Mike Wilson, who is the firm's chief U.S. equity strategist and CEO. Mike, thanks f ...

Financial Data and Key Metrics Changes - The consolidated margin for the quarter stood at 21.2%, showing a year-over-year decline primarily due to a challenging competitive environment [6] - Adjusted EBITDA for the quarter was $34 million, down 31% in real terms when measured in pesos, reflecting a contraction in EBITDA margin [7][17] - Net profit attributable to owners of the company totaled ARS 0.4 billion for the quarter, a significant decline from ARS 41 billion in the same quarter of 2024 [20] Business Line Data and Key Metrics Changes - Cement dispatch volumes grew by 14% year-over-year, but the Cement segment revenue declined by 9.9% due to weaker pricing [11][12] - Concrete revenues declined by 1.1% despite a 44% increase in volumes, impacted by price pressures [14] - The Aggregates segment posted a slight revenue increase of 0.8%, driven by a 44% increase in volumes [14] Market Data and Key Metrics Changes - The Argentine economy showed a year-over-year growth of 5.8% in the first quarter, with forecasts for the full year around 5% [9][10] - The Construction Activity Index (ISAC) indicates a positive rebound in the industry, although recovery is not uniform across all sectors [11] Company Strategy and Development Direction - The company is focused on operational efficiency and innovation, with a commitment to transitioning to 25-kilogram cement bags [27] - The management remains optimistic about the future, expecting double-digit growth in cement dispatches for 2025 [26] Management Comments on Operating Environment and Future Outlook - Management noted that the recovery is still in the early stages, with potential political volatility due to upcoming midterm elections [11] - The competitive environment is stable, with expectations for pricing recovery in the second half of the year [34][64] Other Important Information - The company successfully issued a new corporate bond for $112.9 million to address upcoming debt maturity and improve its maturity profile [8][24] - Cash flow used in operational activities totaled ARS 22.3 billion, driven by lower operational results and higher income tax paid [22] Q&A Session Summary Question: Timing of price increases and competitive trends - Management indicated that the competitive environment has been challenging, but they foresee an increase in pricing above inflation by the end of the year [33][34] Question: Outlook for construction in the second half of the year - Management expects a gradual moderate growth in construction activity, driven by public works and private investments [39] Question: Expectations for volume growth in 2025 - Management maintains a double-digit growth forecast for volumes in 2025, with specific expectations for low to mid-teens growth [42][50] Question: Impact of energy prices on margins - Management acknowledged that both energy prices and competitive dynamics have affected margins, but they expect a recovery in pricing [56][64] Question: Public work program recovery outlook - Management believes there is significant potential in public infrastructure projects, but the impact in the second half of the year may be limited [67]

Economic Recovery in Argentina - Argentina is experiencing significant economic recovery due to radical reforms implemented by President Javier Milei, who is identified as a libertarian leader [1]

Economic Impact - Hong Kong's currency defense poses a threat to its nascent economic recovery [1] Currency Policy - Hong Kong's currency defense has become a balancing act [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - China's real GDP grew by 5.4% year-on-year in 1Q, with a solid quarterly expansion of 6.6% seasonally adjusted annual rate (saar) [1] - March activity data exceeded expectations, with industrial production rising 7.7% year-on-year and retail sales increasing by 5.9% year-on-year [1] - The report highlights a significant rebound in March exports, which grew by 10.1% month-on-month saar, attributed to front-loaded exports ahead of tariff increases [1] - The average US tariff on China has reached 110%, which is expected to reduce China's growth by 3 percentage points in a static analysis [1] - Leading indicators show a decline in manufacturing PMIs in April, indicating the initial impact of tariffs on new orders and export orders [1] - The report anticipates a deceleration in growth to 1.6% saar in 2Q and 0.4% saar in 3Q due to external risks and tariff impacts [1] Summary by Sections Key Economic Statistics - China's nominal GDP for 2024 is projected at USD 18,160 billion, with real GDP growth rates forecasted at 5.2% for 2023, 5.0% for 2024, and 4.1% for 2025 [8] - Consumer prices in China are expected to remain low, with projections of 0.2% for 2023 and -0.3% for 2025 [8] Recent Policy Measures - The report outlines a two-step policy response approach, with immediate measures focusing on faster deployment of approved options and potential additional fiscal stimulus around July [1] - The first stage includes rapid issuance of government bonds and monetary easing, while the second stage may introduce 1 trillion yuan in additional central government bonds [1] Manufacturing and Industrial Activity - The manufacturing PMI declined in April, indicating a contraction in new orders and export orders, which may lead to weaker production and higher unemployment [1] - High-frequency data shows a 40% drop in container shipping to the US in April, suggesting a shift towards transshipment strategies [1]

Group 1 - The actual use of foreign capital in China increased by 13.2% year-on-year in March, with a total of 269.23 billion RMB used, and 12,603 new foreign-invested enterprises established in the first quarter, representing a 4.3% increase [1] - In the manufacturing sector, the actual use of foreign capital reached 71.51 billion RMB, while the service sector attracted 193.33 billion RMB [1] Group 2 - As of April 15, foreign institutions held 4.5 trillion RMB in Chinese bonds, an increase of over 270 billion RMB since the end of the previous year, indicating a strong positive outlook for China's bond market [4] - The total size of China's bond market has reached 183 trillion RMB, making it the second largest in the world, with over 1,160 foreign institutions from more than 70 countries and regions participating [4] Group 3 - In the first quarter, China's general public budget expenditure was 7,281.5 billion RMB, reflecting a year-on-year growth of 4.2%, with March showing a 5.7% increase [6] - Key areas of expenditure included social security and employment at 1,357 billion RMB (up 7.9%), education at 1,124.9 billion RMB (up 7.8%), health care at 584.8 billion RMB (up 2.2%), and housing security at 206.3 billion RMB (up 0.7%) [6]