Think, Tom, of the mental transformation a guy like Scott Besant has to go through sitting in a chair for the better part of 40 years where he is trying to understand what the outcome is going to be, right. It doesn't matter when you're a hedge fund manager what you believe is right. What matters is what you think is going to happen and to position your investments in such a way that they're going to benefit from your predicted outcome.Now he's the man shaping the outcomes. Okay. You stand for total transfo ...

The way MAGA paints it, Trump’s trade policy is a triumph, because other countries are eating higher tariffs, while US Customs rakes in nigh on $30bn a month.This a fundamental misunderstanding of trade https://t.co/2JyXDAyWyt ...

Check out shares of EV maker Lucid getting hit this morning and adding to some losses on the year after missing revenue estimates reporting a larger than expected loss per share. Joining us this morning is Lucid's interim CEO Mark Winterhoff along with our own Phil. Morning Phil. Good morning Carl.Mark thank you for joining us today. Uh Carl set us up with your results coming out of Q2 uh and your guidance that you're going to be trimming fullear production. What's the biggest issue you're facing right now. ...

Trade Negotiations & Agreements - Deals with numerous countries are largely set, with paperwork to be finalized in the coming weeks or months [1][2] - Agreements are premised on countries opening their markets and fulfilling investment/purchase commitments [12] - The administration is focused on implementing reached deals and monitoring compliance, with potential tariff reinstatement for non-compliance [9][10][11][12] Trade Deficit & Tariffs - Tariff rates are largely determined by a country's trade deficit with the United States and their willingness to address it [3] - High tariffs are imposed on countries where a path forward on reducing the trade deficit and opening markets could not be fully resolved [5] - A 40% additional tariff will be imposed on sham transshipment, which has always been illegal [17] Country-Specific Trade Relations - The US has a nearly $40 billion trade deficit with Switzerland, and was unable to reach an agreement to reduce it [4] - Indonesia has made commitments on tariff levels and non-tariff barriers, including removing tariffs and addressing agricultural inspections and digital trade [10][11] Policy & Strategy - The administration is shifting from a 70-year policy based on purely efficiency to a new policy based on fair, balanced trade [19] - The president has the authority to regulate imports, and the administration is confident in its legal position regarding tariffs [25] - The administration is prepared to use whatever tools are necessary to rectify the trade deficit and change the global trading system [28]

Financial Data and Key Metrics Changes - Ryerson reported net sales of $1,170 million, an increase of 3% compared to the first quarter, with average selling prices up 2.8% and tons shipped up fractionally [16] - Gross margin during the quarter contracted by 10 basis points to 17.9%, influenced by a higher than anticipated LIFO expense of $13 million [16] - Adjusted EBITDA excluding LIFO achieved $45 million in Q2 2025, compared to $32.8 million in the prior quarter [17] Business Line Data and Key Metrics Changes - North American shipments decreased by 1.2% quarter over quarter, generating incremental market share gains, particularly in carbon long, carbon plate, and stainless long products [7] - The consumer durable sector, especially in appliances and recreational vehicles, showed relative strength, while the construction equipment sector experienced sequential volume contraction [8] - Transactional sales accounted for approximately 46% of the business, with a focus on improving service levels and lead times to gain more transactional opportunities [31][32] Market Data and Key Metrics Changes - North American industry volumes decreased by 2.1% relative to the first quarter, with Ryerson's performance slightly better than the industry average [7] - The company noted bright spots in subsector industries such as data centers and public infrastructure projects driven by federal investment spending [9] - The pricing environment is expected to remain supportive, leading to average selling price appreciation of 1% to 3% in the upcoming quarter [11] Company Strategy and Development Direction - Ryerson continues to operationalize its capital expenditures, having deployed over $650 million since 2021 to modernize its service center network [4] - The company is focused on managing non-value-added costs and precise working capital management to prepare for the next cyclical upturn [6] - Investments in processing capabilities and maintenance projects are ongoing, with a full-year capital expenditure target of $50 million [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about medium to long-term demand trends despite current industry downturn challenges, including high interest rates and tariff uncertainties [4] - The company anticipates a softening of volumes by 2% to 4% in the upcoming quarter, but expects pricing to remain supportive [10] - Management highlighted the importance of improving customer experience through operational efficiencies and better service models [26] Other Important Information - Ryerson ended the second quarter with $510 million of total debt and $479 million of net debt, resulting in a leverage ratio of 4.4 times, above the target range [13] - The company distributed $6 million in dividends during the second quarter and announced a similar cash dividend for the third quarter [14] - The Shelbyville facility is currently at about 67% of its volume ramp-up, with expectations for further improvements as investments mature [42] Q&A Session Summary Question: Can you discuss the North American market share growth in Carbon Long and Plate? - Management noted that investments have improved service models and reduced frictional costs, leading to better customer experiences and market share gains [24][26] Question: What was the tax benefit impact on EPS in the second quarter? - The tax benefit was due to reduced earnings and discrete state tax credits, with an expected effective tax rate of around 25% to 26% going forward [28][29] Question: What is the current split between transactional and contractual sales? - The current split is approximately 46% transactional and 54% contractual, with a focus on increasing transactional sales through improved service [31][32] Question: How is the CapEx trend compared to the $50 million target? - Management indicated that the CapEx is a function of timing, and they remain committed to the $50 million target for the year [36] Question: What are the expectations for second half cash flow and leverage ratio? - Management expects to generate cash through the balance of the year, with the leverage ratio anticipated to move back towards the target range [48]

Core Insights - OP Financial Group reported an operating profit of EUR 990 million for the first half of 2025, a decrease of 19% year on year, primarily due to a decline in net interest income [3][12][34] - The business environment was characterized by geopolitical tensions and trade-policy uncertainty, impacting overall economic forecasts [6][7][12] - Despite challenges, the Group maintained strong capital adequacy with a CET1 ratio of 20.8%, exceeding regulatory requirements [14][45] Financial Performance - Operating profit decreased by 19.5% to EUR 990 million compared to EUR 1,229 million in H1 2024 [4][34] - Total income fell by 10.9% to EUR 2,139 million, while total expenses increased by 5.8% to EUR 1,169 million [4][43] - The cost/income ratio worsened to 54.6% from 46.0% in the previous year [4][34] Segment Performance - Retail Banking's operating profit decreased by 31.4% to EUR 489 million, with net interest income down by 17% [4][20] - Corporate Banking's operating profit increased by 25.5% to EUR 309 million, with net interest income growing by 9% [4][20] - The Insurance segment's operating profit fell by 30.7% to EUR 185 million, despite an 83% increase in the insurance service result [4][20][38] Customer Business and Loans - Income from customer business decreased by 7% to EUR 1,665 million, driven by a 12% decline in net interest income [3][16] - The loan portfolio grew by 2% year on year to EUR 99.7 billion, with new loans drawn down totaling EUR 13.1 billion [4][22][35] - Deposits increased by 7.5% to EUR 81.0 billion, with household deposits rising by 5% [4][21][35] Investment and Insurance - Investment income decreased by 36% to EUR 206 million, primarily due to lower equity investment income [3][17][39] - Non-life insurance premiums written grew by 5%, while claims expenditure decreased by 8% year on year [28] Outlook - The operating profit for 2025 is expected to be good but lower than in 2023 and 2024, with uncertainties related to the business environment and interest rates [47][48]

US-China Trade Relations - The US expressed concerns about China's global overcapacity and purchases of sanctioned Iranian oil, which account for approximately 90% of Iran's oil sales [2] - The US also expressed concerns about China selling approximately $15 billion of dual-use technologies to Russia [2] - The US reiterated its trade policy goals of reducing US deficits, increasing manufacturing, and reshoring the economy [3] - The US aims to "derisk" rather than "decouple" from China, focusing on strategic industries like rare earths, semiconductors, and medicines [5] - Discussions included accelerating the flow of rare earth magnets from China to US companies [4] - China had previously blocked all of their rare earth magnets, but now the US is receiving them [17] Trade Imbalances and Tariffs - China's economy is described as the most unbalanced in modern times, with 30% of global manufacturing and a 2% current account surplus of global GDP [13] - The US is tracking an annual trade deficit with China, but it is expected to be at least $50 billion smaller this year [15] - Section 232 investigations on pharmaceuticals and semiconductors will be applied globally, without targeting any specific country [16] - Potential tariffs on countries buying sanctioned Russian oil could range from 0% to 500%, with the US Senate considering a bill to grant the president discretion to apply secondary tariffs [37] Potential Tariff Pause and Future Discussions - A potential pause on tariff increases is under discussion, with a possible duration of 90 days [9][42] - If the pause is not extended, tariffs could revert to a 34% level, potentially reaching 80-85% depending on the product [18][20] - Further technical discussions are ongoing between the US and Chinese teams [10] - A phone call between President Xi and President Trump occurred in June, during which President Xi invited President Trump to Beijing [22][23] US Economic Outlook - The US economy is performing well, with the biggest downturn in inflation in four years observed in May [33][34] - The US is expected to receive a minimum of $300 billion in tariff income this year, representing 1% of GDP [41]

Trade Negotiation Strategy - The US president aims for completely open markets in trade deals, rejecting initial offers and pushing for higher levels of market access [1] - The US president seeks to rectify what he views as unfair and asymmetric trade practices of the past 80 years, prioritizing the ability of Americans to sell goods overseas [2] - The US president sets the terms and conditions for trade agreements, indicating a unilateral approach to negotiations [2] International Trade Relations - Other countries initially offered market access concessions, such as 50% or 30%, which were deemed insufficient by the US president [1] - Some countries have been slow to meet the US president's expectations regarding trade openness [3] - The US president's approach has significantly impacted the global trade landscape within a short timeframe of six months [4] Decision-Making Process - The US president ultimately decides whether to pursue trade deals with individual countries like India, based on the offers presented [3]

All right, 15% tariffs on our biggest trading partner. Um, I was at the New York Stock Exchange in recent weeks. A lot of people were saying to me essentially 15%, that's the new zero. It seems to be a number that's palatable to the market.Do you agree with this idea that the market can continue to move higher and that businesses can move with a certain degree of certainty with 15% tariffs. >> That's the big question. Uh, 15% looks like the baseline.Um, and that's that's the big question. Have we reached th ...

Tariff Negotiations & Trade Agreements - The US administration aims for tariff-free exports to partner countries, focusing on reciprocal tariffs which have decreased from approximately 50% to 20% in recent agreements [2] - Agreements are facing obstacles in the "third bucket," involving transactions like Japan's $500 billion investment in the US and financing investments in Vietnam, potentially leading to higher tariffs if unresolved [2][3] - The US administration is using threats to increase negotiating leverage, which has been effective, but the EU and China are experiencing tensions during their summit, potentially impacting US-China negotiations [4][5] - The EU's concerns about trade with China are as strong as the US's, making agreements challenging due to the need for consensus among many countries [5][6] - The reciprocal tariffs have been reduced by about 50% in the last four frameworks [13] - Key countries to watch include the EU, Korea, and India, as they significantly impact the deficit, economy, and global economy [13] - A resolution is expected, but if one of the three key countries (EU, Korea, India) doesn't reach an agreement, reciprocal tariffs may be implemented, though likely not for long [14][15] Legal & Policy Considerations - Country-specific tariffs are being challenged in court, potentially impacting the president's trade policy, but the US is expected to find ways to exert its position on tariffs and trade [8][9][10] - Countries should assume the US president will have the legal leeway needed to move forward, as past challenges have been overcome through measures like invoking national security under Section 232 [10][11]