New York City's real estate market in flux with mayoral candidate Zoran Mandami proposing a rent freeze. Interest rates also in focus as is building security following the deadly shooting at a Midtown office building this week. Joining us to talk about everything that's going on in the real estate world, Robert Refkin, Compass's CEO, and it's nice to see you.You had some great earnings. >> Good to see you, Andrew. Yes, yesterday we had uh record earnings, 10 records, record ibida, free cash flow, IBIDA marg ...

Consumer discretionary is the worst sector of the year. Some of the biggest losers are retail names like Deckers, Lululemon, Ross Stores. Is the sector though prime for a rebound in the second half.Joining us now is Dana Telsey, Telsey Advisory Group CEO. Dana, good to see you. There's good to see you too.Thank you for having me. Yeah, it's good good to have you. Especially because there's such a mix of data.We were just talking about this labor report. Overall, great. the market's up, but underneath the su ...

Report Industry Investment Rating - No relevant content found Core Viewpoints - The supply of soybean meal is expected to improve, with significant drops in spot prices and basis, and the market is expected to fluctuate weakly. Considering the low valuation and support from import costs, it is recommended to go long on contract 109 at low prices [5] Summary by Related Catalogs Basis Data - Basis data for the soybean meal main contract in various regions (Dalian, Tianjin, etc.) on April 28 are presented, along with historical basis data from 2019/20 to 2024/25 [3] - Basis data for rapeseed meal in Guangdong are also provided, including historical data from 2018/19 to 2024/25 [3] Spread Data - Spot and futures spreads between soybean meal and rapeseed meal in Guangdong are shown, along with historical spread data from 2018/19 to 2024/25 [4] International Data - The US dollar to RMB exchange rate is 7.2995, and the soybean CNF premium and import soybean crushing margin data are presented [4] Inventory Data - Data on the soybean inventory of major domestic oil mills, soybean inventory at Chinese ports, soybean meal inventory of major domestic oil mills, and the number of days of soybean meal inventory for feed enterprises are provided, showing trends from 2020 to 2025 [4] 开机 and压榨情况 - Data on the operating rate and soybean crushing volume of major domestic oil mills are presented, showing trends from 2020 to 2025 [4] Supply and Demand Analysis - Supply side: Spot supply is tight, customs clearance time has been extended in some areas, a large amount of Brazilian soybeans are expected to arrive in May and June, the planting area of new US soybeans is expected to shrink further, and recent rainfall in US soybean - growing areas may improve soil moisture but delay the sowing progress [4] - Demand side: Pig supply is expected to increase steadily before September, the inventory of meat and egg poultry is expected to remain high in the first half of the year, the cost - effectiveness of soybean meal has decreased significantly recently, wheat has replaced corn in some areas, reducing the demand for protein, and the downstream trading and pick - up performance is poor [4][5] - Inventory: Domestic soybean inventory has reached a high level, soybean meal inventory is at a very low level and is expected to gradually recover, and the number of days of soybean meal inventory for feed enterprises has decreased to a low level, with an expected improvement in restocking willingness [5]

Report Title - South China Glass and Soda Ash Data Weekly Report 20250426 [2] Core Views - The glass market is facing over - supply pressure due to weak demand and high mid - upstream inventory. The price may continue to be under pressure, and short - term fluctuations may increase. Variables such as ignition delays, new cold repairs, and demand improvement need to be tracked [3][4]. - For soda ash, although there will be more maintenance in May, the overall supply - demand pattern remains in a long - term surplus. The market may first trade on expectations and then on the difference between expectations. Demand has a slight improvement, but there is a risk of the photovoltaic industry returning to an over - supply situation [5][6]. Glass Analysis Supply - At the end of April, the daily melting volume of glass may slightly decline to 156,000 tons. Three production lines are planned to shut down at the end of April, and one new line was ignited in April [3]. Inventory - The total inventory of national float glass sample enterprises is 65.4733 million heavy boxes, a week - on - week increase of 395,000 heavy boxes (+0.61%) and a year - on - year increase of 9.25%. The inventory days are 29.4 days, an increase of 0.2 days from the previous period. The inventory structure shows that upstream factory warehouses are accumulating inventory while mid - stream is reducing inventory [3]. Profit - According to Longzhong data, the profits of glass production lines using different processes are: - 153 yuan for natural gas, + 145 yuan for coal - made gas, and - 38 yuan for petroleum coke. The increase in the price of imported petroleum coke in Hubei has pushed up costs by 80 - 100 yuan [3]. Demand - As of April 15, the average order days of deep - processing sample enterprises are 9.3 days, a week - on - week decrease of 13.4% and a year - on - year decrease of 17.7%. The deep - processing enterprises' inventory of raw glass is 11.4 days, a week - on - week increase of 16.3% and a year - on - year increase of 1.8% [3]. Strategy - Due to weak demand and high inventory, the glass price has dropped significantly. Future price trends depend on ignition delays, new cold repairs, and demand improvement. Short - term price fluctuations may increase [4]. Soda Ash Analysis Supply - The weekly production is 755,600 tons (a week - on - week increase of 17,800 tons), including 339,100 tons of light soda ash (a week - on - week increase of 5,300 tons) and 416,500 tons of heavy soda ash (a week - on - week increase of 12,500 tons). Maintenance is expected to increase in May [5]. Inventory - The factory inventory of soda ash is 1.691 million tons, a week - on - week decrease of 20,300 tons. The delivery warehouse inventory is 338,500 tons (a decrease of 44,700 tons). The total inventory of factory and delivery warehouses is 2.0295 million tons, with a total de - stocking of 180,000 - 190,000 tons from March to April [5]. Profit - According to Longzhong data, the theoretical profit of double - ton soda ash by the combined soda process is + 255.5 yuan, and the theoretical profit of soda ash by the ammonia - soda process is 17.5 yuan/ton. Profits have improved week - on - week due to the decline in raw material prices [5]. Demand - The daily melting volume of photovoltaic glass is increasing, and the rigid demand for heavy soda ash inferred from float and photovoltaic glass has improved. However, the photovoltaic industry may return to an over - supply situation after the end of the rush - installation period [6]. Strategy - From May, maintenance is expected to increase, and supply disturbances will also increase. The market may first trade on expectations and then on the difference between expectations. The overall supply - demand pattern remains in long - term surplus, and price fluctuations may increase [6].