I'm now joined by Lorraine Hutchinson, the senior retail analyst over at BFA Securities. Lorraine, this holiday shopping season could be one that is impacted more severely by tariffs. Just how important is this SCOTA's decision on the retail universe that you cover. >> The decision is really, really important.Uh it may be a little too late for the holiday season though. Uh most retailers right now have already received the product that they'll sell for holiday. So they have paid tariffs on those and they ha ...

Let's get to the outlook for the markets now with stocks taking a little bit of a leg lower. Yang Yu Ma is here PNC asset management chief investment strategist. Welcome back.It's nice to have you. So, how vulnerable do you do you see this market right now. >> I wouldn't say the market is extremely vulnerable.I think the action we're seeing right now is healthy push and pull uh some pullbacks in the market, some resetting, some assessment of the actual growth trends that we're seeing and who can capitalize ...

Core Insights - Tesla's third-quarter earnings report revealed a record free cash flow of nearly $4 billion, a significant increase from $146 million in the second quarter and $2.7 billion in Q3 2024 [1][3] - Despite a 10% increase in shares this year, Tesla's stock still lags behind the S&P 500 Index, which is up 17% [2] - Tesla's trailing price-to-earnings (P/E) ratio stands at 259, with a forward P/E of 172, indicating high expectations for the stock [2] Financial Performance - Tesla's revenue for Q3 was $28.10 billion, exceeding estimates of $26.37 billion, but earnings per share were only $0.37, missing the expected $0.41 [3] - Automotive revenue increased by 6% to $21.2 billion, driven by a rush of purchases before the expiration of a $7,500 federal tax credit for EVs [4] - Tesla deliveries rose 9% year-over-year to 481,166 units, but the absence of the tax credit may hinder Q4 performance [4] Cost and Margin Analysis - Operating expenses surged by 50% year-over-year to $3.43 billion as Tesla invests in robotaxi technology and Optimus robots [5] - The operating margin decreased to 5.8% from 10.8% a year ago, while gross profits only increased by 1% despite a 12% rise in revenues [5]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Asian export prices** and the implications for the region's economic outlook post-COVID-19 pandemic [1][36]. Core Insights and Arguments - **Export Price Trends**: After the initial surge in export prices due to demand and supply chain disruptions, Asian export price inflation has eased significantly as supply chains normalized [1][3]. - **Divergence in Export Prices**: While USD export price inflation in Japan and Emerging Markets Asia excluding China and India (EMAX) returned to near zero, China experienced persistent export price deflation due to price cuts and currency depreciation [3][4]. - **Rebound in Chinese Export Prices**: Year-to-date data through June 2025 indicates a rebound in Chinese export prices, contrasting with flat or declining prices in Japan and EMAX [3][4]. - **Impact of Currency Fluctuations**: The appreciation of local currencies against the USD has led to a significant decline in local currency export prices, squeezing profit margins for exporters in Japan and EMAX [4][5]. - **Broad-Based Price Declines**: The decline in local currency prices is widespread across EMAX, with Malaysia being an exception where exporters adjusted USD prices to offset currency strength [5][6]. Important Data Points - **Export Price Changes**: - Japan: Local currency prices decreased by 14.7% year-to-date, while USD prices fell by 3.3% [6]. - China: Local currency prices increased by 5.8%, with USD prices up by 8.8% [6]. - EMAX: Local currency prices down by 12.4%, USD prices down by 1.1% [6]. - **Profit Margin Pressures**: The year-to-date decline in local currency export prices is likely pressuring profit margins for Asian exporters, particularly if they have to absorb US tariff hikes without currency support [11]. Additional Insights - **Front-Loading of Export Volumes**: A strategy of front-loading export volumes to the US may be sustaining profits, but a reversal could lead to lower trade volumes and profits [11]. - **Tariff Implications**: Japanese exporters have already reduced USD export prices in anticipation of tariffs, especially in the automotive sector, indicating a proactive approach to potential trade barriers [11]. This summary encapsulates the key points from the conference call regarding Asian export prices and their implications for the region's economic landscape.