Core Insights - The uncertainty surrounding the labor market and tariffs is expected to challenge the Dow Theory in 2026 [1] Group 1 - The labor market's unpredictability may impact economic stability and investor confidence [1] - Tariff policies are likely to influence market dynamics and corporate profitability [1] - The combination of these factors could lead to significant volatility in stock prices [1]

And a great story on the Bloomberg terminal, Mohammed, about you and your team and really just the decision making you guys had to make back in April, back in March. And, well, a lot of people were bailing or at least thinking about bailing on US assets. You stood firm and you've reaped the benefits.Explain why. Thank you, Romain. Thank you, David, for having me.I think the context is at that time there was plenty of uncertainty and the view was that this tariff related uncertainty will further add to the c ...

Core Insights - The large services sector of the economy experienced growth in November for the sixth consecutive month, indicating a sustained positive trend in this area [1] - Inflationary pressures have eased, suggesting a potential stabilization in prices which could benefit consumer spending and overall economic health [1] - Businesses are adopting a cautious stance towards hiring and investment due to ongoing uncertainties related to tariffs, which may impact future growth prospects [1]

Core Insights - U.S. manufacturing activity contracted in November, marking the most significant decline in four months, indicating ongoing struggles within the sector [1] - The Institute for Supply Management's (ISM) manufacturing index decreased by 0.5 points to 48.2, remaining below the contraction threshold of 50 for nine consecutive months [2] Manufacturing Conditions - The manufacturing sector is hindered by trade policy uncertainty and high production costs, with customer demand described as "largely uninspiring," leading to a rapid contraction in orders [3] - Factory staffing levels saw a notable decline, with approximately 25% of respondents reporting reduced employment, the highest percentage since mid-2020 [4] Industry Performance - Eleven manufacturing industries contracted in November, with apparel and wood products leading the decline, while only four industries, including computer and electronic products, reported growth, the lowest number in a year [5] - The ISM index of prices paid for materials increased for the first time in five months, approximately eight points higher than the previous year, indicating rising costs [4] Strategic Responses - Manufacturers are implementing permanent changes such as staff reductions and increased offshore manufacturing in response to the tariff environment [5] - The unstable market conditions have led to volatile pricing and limited supplier options for raw materials, prompting manufacturers to adapt their supply chain strategies [5][6]

Corporate News - Johnson & Johnson (JNJ) achieved a market value of $500 billion, extending a 13-day winning streak attributed to confidence in its new drug pipeline and strategic acquisitions [3][10] - Omnicom (OMC) is set to increase its quarterly dividend to $0.80 per share, indicating positive corporate performance [6] Economic Indicators - New Zealand's ANZ Business Confidence index rose significantly to 67.1 from 58.1, suggesting an improved economic outlook [4][10] - The European Central Bank (ECB) warned that tariff uncertainty poses a growing threat to Eurozone financial stability, highlighting potential economic challenges [5][10] - Australia successfully issued A$100 million of 2032 inflation-linked bonds at a yield of 1.8794%, with a strong demand reflected in a 4.65x bid-to-cover ratio [10]

Core Insights - Bitcoin's dominance is around 60% as it faces price volatility, trading at approximately $101,540, down 2.8% in 24 hours and 16% over the past month, raising questions about its market leadership against emerging altcoins [2][3][5] Price Performance - Bitcoin's price has seen a significant decline from a peak of $126,000 three months ago, currently trading at $103,000 as of early November, with key support near $98,500 and resistance at $109,000 [4][5] - Year-to-date gains remain strong at 49%, despite the recent pullback [3][5] Market Dynamics - Bitcoin's market position is shifting due to consecutive price drops, which weaken investor confidence and lead traders to seek other assets [7] - Regulatory pressures and tariff uncertainties are impacting Bitcoin's appeal, with stricter rules in the U.S. and EU causing institutional investors to be cautious [8][9]

Q3 2025 Performance - Organic sales increased by 9% due to favorable pricing, pull-forward demand, and volume[5, 10, 32] - Adjusted operating margin expanded by 140 bps to 18.5%[5, 11, 12, 35] - Adjusted EPS increased by 23% from $2.03 to $2.50[13, 14] - Free cash flow increased by 6% from $204 million to $216 million[15, 16] Segment Performance - Americas sales increased organically by 13%, with acquisitions adding $11 million, reaching $464 million[19] - Europe sales decreased organically by 2%, but benefited from a $7 million FX impact, totaling $112 million[19] - APMEA sales remained flat organically at $36 million[19] - Americas adjusted operating margin increased by 180 bps to 23.7%[19] - Europe adjusted operating margin increased by 160 bps to 12.2%[19] - APMEA adjusted operating margin increased by 90 bps to 19.4%[19] Full Year 2025 Outlook - The company raised its full-year reported sales growth outlook to +7% to +8%, with organic growth of +4% to +5%[6, 20, 43] - The company raised its full-year adjusted EBITDA margin outlook to 21.5% to 21.6%, an increase of +140 bps to +150 bps[6, 20]

Financial Data and Key Metrics Changes - Total revenue increased by 3% year-over-year, while adjusted EBITDA rose by 2% to $341 million, marking a quarterly record for the company [5] - Total AFFO grew by 6% year-over-year, with AFFO per share at $0.85, reflecting a 6% decline year-over-year [5] - Same store physical occupancy improved by 50 basis points sequentially to 75%, although same store NOI declined by 3.6% year-over-year [5][6] Business Segment Data and Key Metrics Changes - Global warehousing segment revenue grew by 4%, with total NOI slightly increasing to $384 million, while same warehouse NOI declined by 3.6% [13] - Global integrated solutions segment saw flat revenue, but NOI grew by 16% to $65 million, with an NOI margin increase of 250 basis points to 17.9% [16] Market Data and Key Metrics Changes - The U.S. market is experiencing a 20% decline in import-export container volumes, impacting revenue and occupancy [26][27] - Despite excess supply, the company maintains a total estimated average physical occupancy of 75% for 2025, down only 3 percentage points from 2021 [10] Company Strategy and Development Direction - The company is focused on driving competitive differentiation through customer success, leveraging network effects, and enhancing warehouse productivity [20] - The proprietary warehouse execution system, LinOS, has been deployed in seven sites, showing double-digit productivity improvements [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges near-term headwinds due to tariff uncertainties and lower U.S. new business expectations, but remains optimistic about long-term growth as the food industry normalizes [7][23] - The company expects a lower fourth quarter than previously anticipated, moving to the lower end of full-year guidance for both EBITDA and AFFO per share [19] Other Important Information - The company ended the quarter with total net debt of $7.55 billion and total liquidity of $1.3 billion [10] - Management is actively managing interest rate exposure and anticipates a total interest expense of $340 million to $360 million in 2026, approximately $80 million higher than the current year [18] Q&A Session Summary Question: Discussion on expected lower U.S. new business in Q4 - Management noted that tariff uncertainty is impacting import-export volumes, particularly in the West U.S. business unit, leading to a forecast of lower new business in Q4 [26][27] Question: Update on pricing strategy during the quarter - Management confirmed that there was no change to the pricing strategy, with a net price increase between 1% and 2% expected for the year [32] Question: Expectations on physical occupancy and excess capacity - Management indicated that new supply is trickling in, with expectations that it will remain low, and they are optimistic about key markets absorbing new capacity [35][36] Question: Concerns about the impact of SNAP benefits lapse - Management stated that even if SNAP benefits were eliminated, the impact on total food consumption would be minimal, around 1% [76][77] Question: Insights on international performance versus U.S. - Management highlighted that international markets are performing better due to lower competitive pressure and better occupancy levels compared to the U.S. [54][55] Question: Acquisition strategy and market opportunities - Management remains disciplined in capital deployment and is monitoring market opportunities, but is not interested in issuing equity at undervalued levels [57][58] Question: Update on fresh and frozen demand trends - Management referenced third-party data indicating continual growth in fresh and frozen food categories, despite elevated food inflation [61][62]

Core Insights - U.S. new-car sales increased in Q3 2025, driven by consumer incentives and the final days of the federal electric vehicle tax credit [2] - Average new-car prices remained stable at approximately $49,000, reflecting a 0.5% year-over-year increase [2][3] - U.S.-built vehicles accounted for 56% of dealer inventory, marking an 8.9% increase from July [4] Pricing Trends - Mass-market vehicle prices slightly declined by 0.2% to just over $45,000, while luxury vehicle prices rose by 3% to about $72,000 [3] - The overall average price increase is attributed more to vehicle mix and timing rather than market instability [3] Production and Inventory - Automakers are introducing 2026 model-year inventory earlier, with one-third of dealer inventory being 2026 models by the end of September [3] - The shift towards U.S. assembly is a structural change aimed at reducing tariff exposure and supply disruptions [5] Used and Wholesale Markets - The used-vehicle market saw a 0.6% year-over-year decline in inventory, with prices increasing by 2.8% for the second consecutive quarter [5] - Wholesale prices decreased by 3.4% quarter over quarter, with electric vehicles experiencing a significant value drop of 10.4% [6]

Core Insights - The company reported a revenue increase of 12% year-over-year, marking the highest quarterly revenue ever achieved by the group according to Chief Executive Bjoern Gulden [1] Financial Performance - Revenue growth of 12% year-over-year indicates strong performance in the current quarter, reflecting the company's successful strategies and market positioning [1]