Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. 19 November 2025 | 10:07PM HKT Economics Research CHINA MATTERS Slowing Growth Puts Policy in Spotlight October activity data largely missed expectations and showed significant weakness in investment. Among major indicators, only electricity production increased by 5.9% yoy, while all others grew less than 5% yoy (Exhibit 1). Property new starts and completions dropped by nearly 30% yoy. The sharp decline in fixed asset investment (FAI) o ...

With AI fears and volatility rising, is it time to look outside the US for better returns. Our next guest thinks so. Elizabeth Burton is Goldman Sachs asset management client investment strategist.Welcome back. >> Thanks for having me. >> All right.So, we I we've spent every day talking about this equity market. You want us to look elsewhere where the returns have been good. >> Yes.We just put out our 2026 outlook is the season for next year outlooks, right. And uh our theme in equities is get out get down ...

Core Viewpoint - India's real GDP growth for Q2 (July to September) is projected to be 7.5% or more, driven by consumption boosts following the GST rate cut, surpassing the Reserve Bank of India's projection of 7% [1][4]. Economic Indicators - Growth is supported by increased investment activities, recovery in rural consumption, and buoyancy in services and manufacturing, aided by structural reforms like GST rationalization [2]. - The percentage of leading indicators in consumption and demand across agriculture, industry, and service sectors has increased to 83% in Q2 from 70% in Q1 [3]. GST Collections - Gross domestic GST collections for November 2025 are estimated to be around ₹1.49 lakh crore, reflecting a year-on-year growth of 6.8% [4]. - Including ₹51,000 crore of IGST and cess on imports, November GST collections could exceed ₹2 lakh crore, driven by peak festive season demand and increased compliance [5]. Consumer Spending Trends - During the festive season (September-October 2025), consumption received a significant boost, with credit and debit card spending patterns indicating substantial growth in categories like Auto, Grocery stores, Electronics, and Travel [6]. - In e-commerce, 38% of spending was on Utility & Services, followed by 17% on Supermarkets and Grocery, with mid-tier cities showing the most growth [7]. Sectoral Analysis - All sectors, except textiles, exhibit high elasticity in response to GST rationalization, indicating a strong consumption response [8]. - The reduction of the effective GST rate is expected to lead to an average consumer saving of 7% per month on consumption, with potential for further increases as more data becomes available [9]. Vehicle Sales - Vehicle sales showed double-digit growth, with car sales volume increasing by 19%, particularly strong in rural regions, and a notable premiumization trend in urban and metro centers [10].

Senior counselor to President Trump for trade and manufacturing, Peter Navara. Peter, always a pleasure. It's wonderful and great to see you again, sir.Can you talk about back with you too long. >> It's been too long is right. Can you tell us more about Trump's new sweeping executive order exempting more than 100 food and ging grocery items from his reciprocal tariffs.Because the media is complaining about this, saying, "Well, we thought he needed tariffs for, you know, national security." >> Well, this one ...

Joining us now with more is Joe Leavourney. He is counselor to Treasury Secretary Scott Bessant. Joe, your expectations of that house vote tonight.>> Well, thankfully uh the Democrats, as the secretary mentioned, uh came over on our side, Brian. Uh we didn't have the votes. It wasn't our fault.Uh but the Democrats finally uh some of them uh cooler heads prevailed and they came over. The Senate passed the uh the resolution. The House will as well.Uh unfortunately there's been some damage uh done from the shu ...

RT Robert (infra 🏛️⌛️) (@infraa_)The average hourly wage is $31/hrIf wages had kept pace with GDP growth since 1971, the average hourly wage would be $104/hrIf wages had kept pace with the stock market since 1971, the average hourly wage would be $283/hr https://t.co/CO9WZOcj83 ...

Financial Data and Key Metrics Changes - Banco de Chile reported a net income of CLP 927 million for September 2025, reflecting a year-on-year growth of 1.9% and an ROAC of 22.3% [2][19] - The bank's net income for the third quarter of 2025 was CLP 293 billion, representing a 1.7% increase compared to the same period last year [18] - The return on average assets stood at 2.3%, maintaining a significant gap over peers [19] Business Line Data and Key Metrics Changes - Operating revenues totaled CLP 736 billion in Q3 2025, a 2.1% year-on-year increase, supported by solid customer income of CLP 630 billion, which grew 5.4% year-on-year [20][21] - Non-customer income decreased by 14.1% year-on-year to CLP 105 billion, primarily due to lower inflation-related revenues [21][22] - Total loans reached CLP 39.6 trillion as of September 2025, marking a 3.7% year-on-year increase [24] Market Data and Key Metrics Changes - The Chilean economy showed signs of recovery, with GDP growth of 3.1% year-on-year in Q2 2025, supported by a rebound in domestic demand [3][4] - Inflation increased to 4.4% in September 2025, prompting the central bank to maintain the interest rate at 4.75% [5][6] - The loan-to-GDP ratio stood at 76% as of September 2025, reflecting subdued credit expansion relative to economic activity [11] Company Strategy and Development Direction - Banco de Chile's strategy focuses on efficiency, collaboration, and a customer-first mindset, aiming for industry-leading profitability and market leadership in lending [12][13] - The bank is committed to digital transformation and operational productivity to enhance customer experience and drive growth [47][50] - The integration of the former collection services subsidiary, Socofin, has generated operational synergies and improved efficiency [15] Management Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the Chilean economy, anticipating improved domestic demand and investment, which will drive loan growth [44][55] - The upcoming presidential elections are expected to influence macroeconomic conditions, with a consensus among candidates on the need for economic growth [54][55] - The bank expects a gradual recovery in loan growth as uncertainty eases, particularly in the SME and consumer segments [12][49] Other Important Information - Banco de Chile maintains a strong capital position with a CET1 ratio of 14.2% and a total Basel III capital ratio of 18% [34] - The bank's asset quality remains robust, with a delinquency ratio of 1.6%, significantly below peers [38] - Operating expenses increased by 1.2% year-on-year, reflecting disciplined cost management [39] Q&A Session Summary Question: Concerns about market share in commercial and consumer loans - Management acknowledged stable market shares and emphasized a focus on digital transformation and high-potential segments to improve market position [43][46] Question: Impact of upcoming presidential elections on macro outlook - Management highlighted the importance of the election results and the consensus on economic growth among candidates, which could enhance loan demand [51][54] Question: Outlook for loan growth in 2026 - Management indicated that loan growth is expected to accelerate, driven by improved economic conditions and a focus on commercial and consumer lending segments [57][59]

RT aphid7 (@_aphid7)The state requires constant GDP/tax receipt growth to service our debt, and to get better terms for new debt.The easiest way to do this is just expanding the labor force, like with married women. When they exhausted that resource they then turned to "skilled" migrant labor. https://t.co/yK83ICB1VQ ...

As India aspires to become a developed country by 2047, it needs to consider extending more bank licences to non-banking finance companies (NBFCs) and universal bank licence for small finance banks (SFBs), said M Nagaraju, Secretary, Department of Financial Services (DFS) at the State Bank of India (SBI) banking conclave held here on Thursday.“...most of the credit offtake should be happening digitally (by 2047). And large amount should be happening. Even then, we would be requiring new banks. Banks which c ...

Group 1 - The AI market is experiencing varied financial success, with some companies like Palunteer generating significant profits while others struggle with high expenditures on infrastructure [1][4] - The addressable market for AI is crucial, particularly focusing on segments that yield quantifiable financial returns, either commercially or in practical applications [2][3] - The concept of "trader optimality" is essential, where every part of the AI value chain must create more value than it charges, otherwise it risks being labeled a bubble [3][4] Group 2 - The relationship between AI advancements and GDP growth is complex, with a focus on "worker available GDP" and how AI can enhance productivity for workers [5][6] - There is a societal concern regarding whether the benefits of AI will be equitably distributed, as the average American perceives AI's growth but questions its personal impact [7][8] - Proving that AI growth translates to tangible benefits for workers is critical for societal acceptance and stability [8]