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Core Viewpoint - Bank of Japan Governor Kazuo Ueda indicated that inflation is on track to meet the bank's target, but global uncertainties may hinder wage increases, leaving the decision on interest rate hikes open for October [1][2]. Economic Outlook - Ueda highlighted various uncertainties affecting Japan's economic outlook, including signs of labor market weakness in the U.S. and the anticipated impact of higher U.S. tariffs on Japanese corporate profits [2]. - The future trajectory of the U.S. economy and its monetary policy could significantly influence Japan's economy and prices, necessitating close monitoring of the situation [3]. Market Reactions - Following Ueda's comments, the Japanese yen weakened by 0.2% to 147.60 per U.S. dollar, as market participants interpreted the remarks as reducing the likelihood of a near-term rate hike [3]. - Market players are closely observing Ueda's statements for indications on when the BOJ might resume its rate-hike cycle, which has been paused due to uncertainties surrounding the economic impact of U.S. tariffs [4]. Corporate Resilience - Ueda noted that Japan's economy is currently managing the effects of U.S. tariffs, with many companies benefiting from high profits accumulated previously [5]. - Underlying inflation, excluding one-off factors, is expected to accelerate towards the BOJ's target, countering earlier suggestions that it might briefly stall due to rising food costs [5]. Price and Wage Dynamics - Ueda mentioned that depending on firms' wage and price-setting behaviors, price increases could persist longer than anticipated, although prolonged food price rises might negatively impact consumption and inflation [6]. - The BOJ will carefully assess the likelihood of its baseline scenario materializing, along with both upside and downside risks, in its monetary policy decisions [6].

Swiss growth is pressured by global uncertainty, high US tariffs, and safe-haven flows into the franc, the IMF says https://t.co/rOoV0zd5n9 ...

Core Insights - Valhi, Inc. reported a significant decline in net income attributable to stockholders, with $0.9 million or $0.03 per share in Q2 2025, down from $19.9 million or $0.70 per share in Q2 2024. For the first half of 2025, net income was $17.8 million or $0.62 per share, compared to $27.7 million or $0.97 per share in the same period of 2024 [1][12]. Chemicals Segment - The Chemicals Segment's net sales were $494.4 million in Q2 2025, a decrease of $6.1 million or 1% compared to Q2 2024. For the first six months of 2025, net sales increased to $984.2 million, up $4.9 million or 1% from the same period in 2024 [2]. - The decline in Q2 2025 net sales was primarily due to lower average TiO2 selling prices, changes in product mix, and lower sales volumes in export markets, partially offset by higher sales volumes in North America [2][3]. - Operating income for the Chemicals Segment fell to $10.3 million in Q2 2025 from $40.5 million in Q2 2024. For the first half of 2025, operating income was $51.5 million, down from $63.3 million in the same period of 2024 [3][4]. - The Chemicals Segment faced unfavorable fixed cost absorption due to reduced operating rates, higher inventory costs, and currency fluctuations, with unabsorbed fixed production costs of approximately $20 million in Q2 2025 [3][4]. Component Products Segment - The Component Products Segment reported net sales of $40.3 million in Q2 2025, an increase from $35.9 million in Q2 2024. For the first six months of 2025, net sales rose to $80.6 million from $73.9 million in the same period of 2024 [5]. - Operating income for this segment increased to $6.3 million in Q2 2025 from $5.1 million in Q2 2024, and for the first half of 2025, it rose to $12.2 million from $8.8 million in the same period of 2024 [5]. Real Estate Management and Development Segment - The Real Estate Management and Development Segment's net sales were $5.7 million in Q2 2025, down from $23.3 million in Q2 2024. For the first six months of 2025, net sales decreased to $14.2 million from $37.1 million in the same period of 2024 [6]. - The decline in land sales revenue was attributed to a slower pace of development activities due to delays in obtaining necessary permits and approvals [6]. Corporate Expenses and Financials - Corporate expenses decreased by 11% in Q2 2025 compared to the same period in 2024, primarily due to lower litigation and environmental remediation costs. For the first half of 2025, corporate expenses were 5% lower than in the same period of 2024 [7]. - Interest income and other decreased by $1.8 million in Q2 2025 and $3.2 million in the first half of 2025, mainly due to lower average interest rates and decreased cash balances. Interest expense increased by $1.9 million in Q2 2025 and $3.8 million in the first half of 2025 due to higher debt levels [7].

Economic Growth - Indonesia's economy expanded faster than expected in the second quarter [1] Policy Implications - Easing pressure on policymakers dealing with tariffs and higher global uncertainty [1]

Employment Trends - New Zealand filled jobs are down to levels last seen in early 2023 [1] - Global uncertainty makes employers cautious about hiring [1]

Core Insights - Landsbankinn reported a solid performance in Q1 2025, with a profit of ISK 7.9 billion and a return on equity of 10.0%, up from 9.3% in the same period last year [1][6]. Financial Performance - The bank's net interest income was ISK 14.8 billion, and net fee and commission income reached ISK 3.0 billion, both showing year-over-year increases [6]. - The cost-income ratio was 38.7%, compared to 33.6% in Q1 2024 [6]. - The total capital ratio stood at 23.6%, exceeding the Financial Supervisory Authority's requirement of 20.4% [6]. - The bank maintained a net interest margin of 2.7% for the period, with a margin of 2.1% for domestic households [6]. Strategic Developments - The acquisition of TM has been positively received, with significant progress in merging branches and IT systems, and the insurance segment performed well in March [2][4]. - The bank's credit rating was upgraded by S&P from BBB+ to A-, reflecting improvements in its capital structure and market access [4]. Market Conditions - Market volatility and global uncertainty have led to a slowdown in lending growth among individuals and corporates, although the overall financial position of these groups remains strong [5]. - Despite external challenges, the bank continues to offer competitive interest rates on deposits and loans, maintaining a 2.1% interest margin for households [6]. Customer Engagement - Landsbankinn has received strong customer satisfaction ratings, attributed to integrated services and a robust online banking platform [3][6]. - The bank's AGM approved a dividend payment of ISK 18.9 billion to shareholders, bringing total dividends paid since 2013 to ISK 210.6 billion [6].

Core Viewpoint - Infosys forecasts muted annual revenue growth due to increasing global uncertainty, suggesting clients may reduce tech spending [1][2] Revenue Forecast - Infosys expects revenue to remain flat or grow by up to 3% for the fiscal year ending March 2026 on a constant currency basis, which is below analyst estimates of 2-4% [2] - This forecast is lower than the previous year's constant-currency revenue growth of 4.2% [2] Market Context - The company earns over 80% of its revenue from Western markets, making it vulnerable to global economic conditions [2] - Infosys anticipated a demand revival in 2025 after a growth slowdown in 2024, but ongoing client spending weakness and trade tensions have clouded the outlook [3] Executive Insights - CEO Salil Parekh described the current environment as "uncertain" and emphasized the need for agility in execution [4] - CFO Jayesh Sanghrajka noted that the lower end of the sales forecast reflects increasing uncertainty, complicating the assessment of external factors like trade policies [4] Financial Performance - Infosys reported an 11.75% year-on-year drop in net profit for the March quarter, totaling 70.3 billion rupees ($823.5 million), which was below analyst projections [5] - Revenue for the three months ending March 31 increased by 7.9% to 409.25 billion rupees [6]