Core Viewpoint - Elliott Management has acquired a significant stake in the London Stock Exchange Group (LSEG) and is engaging with the company to enhance its performance amid challenges such as reduced listings and potential disruptions from artificial intelligence [1]. Group 1: Elliott Management's Stake and Engagement - Elliott's exact shareholding in LSEG remains unclear, but the fund is in discussions with LSEG to encourage improvements, including a potential share buy-back to better compete with rivals [2]. - LSEG's shares experienced a rise of up to 6% in early trading following news of Elliott's involvement, although they later fell back slightly [2]. Group 2: LSEG's Business Model and Financial Performance - LSEG, primarily known for operating the London Stock Exchange, has shifted focus, with nearly half of its revenues now coming from its data and analytics division after acquiring Refinitiv in 2021 [3]. - The company's share price has decreased by over 35% in the past year, with a notable drop of 13% earlier this month due to concerns about AI's impact on its data business [4]. Group 3: Market Context and Competitive Landscape - The launch of an AI tool by US startup Anthropic has raised investor fears regarding its potential negative effects on LSEG's data business [4]. - Despite challenges, there has been a slight increase in the number of businesses opting to list in London, although concerns persist about the overall reduction in the number of public companies in the UK due to takeovers and delistings [6].

Group 1: Market Overview - European stocks experienced a decline, with the pan-European Stoxx 600 dropping 0.3 percent to 619.25, as investors reacted to mixed earnings results and awaited U.S. jobs and inflation data for direction [1] - Technology stocks were notably affected, particularly Dassault, which faced pressure from a weak European automotive sector [1] Group 2: Company Earnings and Stock Movements - TotalEnergies increased by 1.3 percent after raising its final 2025 dividend payout by 5.6 percent to €3.40 per share [2] - Dassault Systemes saw a significant drop of 20 percent following weaker-than-expected fourth-quarter results and a cautious outlook for the current year [2] - Randstad, a Dutch staffing firm, fell by 8.5 percent after providing soft guidance for Q1 [2] - Ahold Delhaize, a supermarket group, surged 7 percent after reporting fourth-quarter results that exceeded expectations [2] Group 3: Notable Company Developments - Heineken's shares rose by 5.3 percent despite announcing job cuts of up to 6,000 roles globally [3] - Commerzbank's shares tumbled 3 percent despite reporting a record operating result of €4.5 billion for the 2025 financial year [4] - Siemens Energy's stock surged 6 percent after its first-quarter profit nearly tripled, driven by AI-driven demand for gas turbines and grid equipment [4] - Thyssenkrupp Nucera's shares increased by 1.1 percent after reaffirming its FY26 outlook [4] Group 4: Additional Company Performance - Schindler Holding's shares plunged 8 percent as it projected 2026 revenue growth in the low- to mid-single digits in local currencies [5] - Renishaw, a British engineering firm, rose by 2.7 percent after reporting better-than-expected half-year results [5] - Barratt Redrow, a residential property developer, lost 6.3 percent after its first-half profit fell below expectations [5] - London Stock Exchange Group shares increased by 2.5 percent following reports of a significant stake acquisition by activist hedge fund Elliott Management [6]

Core Insights - Three major companies, SpaceX, OpenAI, and Anthropic, are expected to go public this year, generating significant investor interest [1] - The combined valuation of these companies is approximately $2.65 trillion, with IPO proceeds projected to reach $160 billion, quadrupling the average from the post-pandemic IPO drought [2] IPO Market Dynamics - NASDAQ is currently leading in the number of IPOs for 2026, with 23 more listings than the New York Stock Exchange [3] - The NASDAQ President highlighted the importance of attracting these companies to the exchange, emphasizing the potential for mega IPOs this year [4][6] - NASDAQ's unique value proposition includes access to the NASDAQ 100 index, which lists all trillion-dollar companies, making it attractive for large-cap IPOs [7] Company Valuations and Strategies - SpaceX is valued at approximately $800 billion, and there are discussions about its potential early inclusion in market benchmarks like the NASDAQ 100 [8][12] - The NASDAQ is considering rule changes that would allow for early entry into the NASDAQ 100 for newly public companies, potentially within 10 days of listing [14] Historical Context and Future Outlook - The IPO market is showing signs of recovery, with an increase in companies ready to go public, rising from 180 to 210 [18] - The overall market backdrop is solid, with favorable GDP growth and a healthy interest rate environment, suggesting that 2026 could surpass last year's IPO activity [19][20] International IPO Trends - There is a growing trend of large IPOs from European and Asian companies entering the US market, attracted by higher valuations and liquidity [21][22]

Core Viewpoint - In a volatile market, increasing dividends signal a company's financial health and management's confidence in future earnings growth [1] Group 1: DBS Group Holdings - DBS reported a record total income of S$22.9 billion for FY2025, a 3% year-on-year increase [3] - Non-interest income surged 7% to S$8.4 billion, compensating for squeezed net interest margins [3] - Wealth management fees rose 29% to a record S$2.8 billion, contributing to a robust return on equity of 16.2% [4] - Total dividends declared were S$3.06 per share for FY2025, a 38% increase from the previous year [4] - Management plans to maintain a S$0.15 quarterly capital return dividend through 2026 and 2027 [5] Group 2: Singapore Exchange (SGX) - SGX reported a 7.6% year-on-year rise in net revenue to S$695.4 million for the first half of FY2026 [6] - Adjusted net profit increased by 11.6% to S$357.1 million, allowing for an interim dividend of S$0.2175, up from S$0.180 a year ago [7] - Management committed to a quarterly dividend increase of S$0.0025 through the end of FY2028, contingent on earnings growth [8] - SGX's monopoly position and expanding businesses provide a solid foundation for future growth [8] Group 3: Keppel Ltd - Keppel's net profit surged 39% to S$1.1 billion for FY2025, driven by infrastructure and fund management activities [10] - Recurring income grew 21% year-on-year to S$941 million, supporting its asset-light strategy [10] - Proposed total distribution for FY2025 is approximately S$0.47 per share, a 38% increase from the prior year [11] - The payout includes S$0.34 in ordinary cash dividends and a special dividend of S$0.13, which includes a distribution of one Keppel REIT unit for every nine shares held [12] - Keppel's transformation is enabling faster asset monetization and increased capital returns to shareholders [11][12] Group 4: Overall Market Sentiment - The rising dividends from DBS, SGX, and Keppel reflect strong business performance and management confidence [14] - These companies are not just surviving but thriving, with DBS benefiting from record-breaking fee income, SGX providing a multi-year roadmap for dividend increases, and Keppel unlocking a more profitable growth engine [14]

Core Insights - The total short interest in Nasdaq Global Market securities increased to 15,574,683,465 shares as of January 30, 2026, up from 15,349,969,813 shares on January 15, 2026, indicating a growing bearish sentiment in the market [1] - The average short interest days decreased from 2.88 days to 2.58 days during the same period, suggesting a slight improvement in liquidity [1] - In the Nasdaq Capital Market, short interest rose to 3,614,991,067 shares from 3,478,325,627 shares, with the average daily volume decreasing from 1.19 days to 1.08 days [2] - Overall, short interest across all 5,213 Nasdaq securities reached 19,189,674,532 shares, an increase from 18,828,295,440 shares, with the average daily volume declining from 2.28 days to 2.05 days [3] Company Overview - Nasdaq is a leading global technology company that provides services to corporate clients, investment managers, banks, brokers, and exchange operators, focusing on enhancing liquidity, transparency, and integrity in the global capital markets [7] - The company aims to deliver advanced platforms and services that enable clients to optimize their business strategies and navigate the financial system with confidence [7]

Core Insights - The NYSE reported a total current short interest of 16,361,583,497 shares as of January 30, 2026, which shows an increase from the previous short interest of 16,215,801,695 shares [1] Group 1: NYSE Short Interest - The total current short interest on NYSE increased by approximately 0.9% from the previous reporting period [1] - The number of securities with a short position on NYSE rose to 2,871 from 2,597 [1] Group 2: NYSE ARCA Short Interest - NYSE ARCA reported a total current short interest of 2,297,133,128 shares, a slight decrease from 2,305,450,999 shares previously [1] - The number of securities with a position of 5,000 shares or more on NYSE ARCA increased to 2,524 from 1,768 [1] Group 3: NYSE AMERICAN Short Interest - NYSE AMERICAN reported a total current short interest of 915,314,421 shares, which is an increase from 888,958,930 shares [1] - The number of securities with a short position on NYSE AMERICAN is 303 [1]

Core Viewpoint - Nasdaq, Inc. reported strong free cash flow (FCF) and margins for Q4, yet its stock has declined by 14% since the announcement, presenting an opportunity to short out-of-the-money put options with a one-month expiry [1]. Financial Performance - Nasdaq's revenue increased by 13% in 2025, with annualized recurring revenue (ARR) rising by 10% in Q4 [4]. - The company's FCF reached nearly $2.2 billion in 2025, representing 42.3% of its net revenue of $5.2 billion, indicating strong cash-flow profitability [4]. - In comparison, the previous year, Nasdaq generated $1.732 billion in FCF, which was 37.3% of its $4.649 billion in net revenue, showing improved margins and operating leverage [5]. Future Projections - For Q4, Nasdaq's FCF was $537 million, accounting for 38.6% of its $1.392 billion in net revenue [6]. - Analysts forecast net revenue to rise to $5.7 billion in 2026, a 9.6% increase, and to $6.17 billion in 2027, an 18.65% increase [6]. - Assuming a 40% conversion of revenue to FCF, the estimated FCF for 2026 would be approximately $2.288 billion, a 4.1% increase from 2025 [8]. Market Valuation - If the market values Nasdaq stock at a 4.25% FCF yield, the estimated market value would be $53.84 billion based on the projected FCF [9]. - Currently, Nasdaq has a market cap of $48.17 billion, suggesting a potential gain of 14% from the current stock price of $84.17, leading to a target price of $95.95 [9]. - This target price is lower than the average target price of $108.33 set by 17 analysts [9].

Core Insights - Kraken has launched its xStocks product on 360X, a regulated marketplace for secondary trading, enabling transactions of tokenized equities and ETFs paired with stablecoins, enhancing integration between traditional finance and digital assets [1][7] Group 1: xStocks Initiative - The xStocks initiative offers tokenized securities fully backed by actual underlying stocks or ETFs, stored securely to protect against bankruptcy risks, ensuring reliability and transparency [2] - The launch on 360X aims to extend the model to a broader audience, highlighting the potential of tokenized assets to transform investment handling [3] Group 2: Trading Features - Users can trade five specific tokenized assets against stablecoins, providing a stable value anchor in the volatile crypto market, appealing to investors seeking exposure to high-growth sectors [4] - The platform allows for near-instantaneous settlements and 24/7 trading, contrasting with conventional stock exchanges that have limited hours and delays in clearing [5] Group 3: Market Adoption and Impact - Since its debut in May 2025, the xStocks platform has achieved nearly $20 billion in total trading volume, indicating strong market adoption [5] - The initiative positions Kraken as a global leader in transaction amounts and unique token holders, appealing to institutional investors in a regulated environment [6] Group 4: Strategic Collaboration - The partnership between Kraken and Deutsche Börse focuses on enhancing foreign exchange services, secure custody solutions, and the broader adoption of tokenized assets [8] - By leveraging Kraken's crypto expertise and Deutsche Börse's infrastructure, the collaboration aims to create scalable tools for retail and institutional sectors [9] Group 5: Future Developments - Kraken plans to expand the range of available assets in the coming months, potentially including more equities and ETFs, although access is currently limited to clients of Deutsche Börse and registered participants on 360X [10]

Core Insights - TMX Group reported a significant decline in financing activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for January 2026, with total financings raised decreasing by 75% compared to December 2025 and down 9% compared to January 2025 [2][4]. TSX Summary - In January 2026, TSX welcomed 23 new issuers, a decrease from 84 in December 2025 and similar to 24 in January 2025 [2][5]. - Total financings raised amounted to $738.2 million, a sharp decline from $3 billion in December 2025 and down from $815 million in January 2025 [5]. - The number of financings was 40, slightly up from 37 in December 2025 but down from 43 in January 2025 [5][6]. - The market capitalization of listed issues was approximately $6.36 trillion in January 2026, compared to $6.28 trillion in December 2025 and $5.06 trillion in January 2025, reflecting a year-over-year increase of 25.8% [6]. TSXV Summary - TSXV had one new issuer in January 2026, down from two in December 2025 and none in January 2025 [4][7]. - Total financings raised were $870.8 million, a decrease from $1.57 billion in December 2025 but an increase of 63.1% compared to $533.8 million in January 2025 [7][8]. - The total number of financings was 158, up from 123 in December 2025 and 107 in January 2025, indicating a 47.7% increase year-over-year [9]. Year-to-Date Statistics - For 2026, TSX has listed 23 new issuers, a slight decrease of 4.2% from 24 in 2025 [6]. - IPO financings raised on TSX were $49.6 million, a significant drop of 81.8% from $272.4 million in 2025 [6]. - Secondary financings raised on TSXV reached $249.6 million, a remarkable increase of 898.7% from $24.99 million in 2025 [8].

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