Group 1 - Pascal Grangé will retire in 2026 and has handed over his office as Deputy Chief Executive Officer effective 31 December 2025 [1] - The Board of Directors did not appoint a new Deputy Chief Executive Officer to replace Pascal Grangé, and Stéphane Stoll was appointed Chief Financial Officer on 1 August 2025 [1] - The termination of Pascal Grangé's executive office does not involve specific financial conditions such as severance benefits or non-competition indemnities [2] Group 2 - Pascal Grangé's fixed remuneration is €950,000, with potential variable remuneration subject to performance conditions [2] - The amounts proposed for Pascal Grangé's remuneration will be detailed in the Company's Universal Registration Document [3] - Pascal Grangé will serve as an advisor to the Group's senior management until his retirement, as per the terms of his employment contract [3] Group 3 - Bouygues operates in over 80 countries with 200,000 employees, focusing on construction, energies & services, telecoms, and media [4]

Core Viewpoint - Spanish telecoms giant Telefonica announced its decision to delist its American Depositary Shares (ADS) from the New York Stock Exchange, attributing this move to the administrative burden and costs associated with maintaining the listing [1] Group 1 - Telefonica cited the administrative burden as a significant factor in its decision to delist from the NYSE [1] - The company also mentioned the costs involved in keeping the ADS listed as a reason for the delisting [1]

Group 1 - The company is evolving its business model to focus on acquiring and operating AI-driven software and network infrastructure companies in Southeast Asia, Europe, and North America [1] - Society Pass aims to invest in and acquire equity stakes in data center and telecom operators to strengthen its market position in the next generation e-commerce ecosystem in Southeast Asia [1] - The CEO highlighted the successful listing of NusaTrip Incorporated, which was acquired for under US$5 million and recently listed on Nasdaq with a market capitalization exceeding US$70 million, showcasing the company's ability to create shareholder value [2] Group 2 - Society Pass was founded in 2018 and operates in fast-growing markets such as Vietnam, Indonesia, Philippines, Singapore, and Thailand, which together represent over 80% of the Southeast Asian population [3] - The company operates three interconnected verticals: digital media, travel, and lifestyle, leveraging technology to enhance customer experience and transform the retail value chain in Southeast Asia [3] - Society Pass completed its initial public offering in November 2021 and began trading on Nasdaq under the ticker SOPA [4]

Investment Rating - The report suggests a bullish outlook on commodities, particularly recommending long positions in commodities and oil/energy as the best trades for 2026 [3][4]. Core Insights - The report highlights a significant shift in market dynamics, indicating that commodities are outperforming bonds in the current inflationary growth environment, contrasting with the previous era of secular stagnation [2][3]. - It notes that LatAm stocks have increased by 56% year-to-date, indicating strong performance in the region [3]. - The report emphasizes the importance of monitoring bond market reactions to the "run-it-hot" trade, as they pose a potential threat to stock and credit market upside in 2026 [4]. Summary by Sections Market Performance - Year-to-date performance shows gold at 59.1%, stocks at 19.6%, and commodities at 6.7%, while oil has declined by 16.8% [2]. - The report indicates that the biggest inflows have been into cash ($112.3 billion) and bonds ($15.4 billion), with a notable outflow from tech stocks [13][17]. Investment Strategies - The report advocates for long positions in commodities and oil/energy, viewing them as contrarian trades that are likely to yield positive returns in 2026 [3]. - It suggests tactical long positions in zero coupon bonds in anticipation of Fed cuts, while also recommending mid-cap stocks as a favorable investment due to their relative undervaluation [16]. Economic Indicators - The BofA Bull & Bear Indicator has decreased to 6.0, indicating a neutral sentiment in the market [60]. - The report notes that the current economic environment is characterized by rising bond yields in Japan and China, which are seen as secular floors for global yields [18]. Sector Analysis - Inflows into high-yield bonds ($2.3 billion) and emerging market debt ($2.4 billion) are highlighted, indicating a positive sentiment towards these sectors [17]. - The report also mentions significant outflows from tech stocks, suggesting a shift in investor preference towards more stable sectors [17][40].

U.S. prosecutors are probing a group of telecoms firms after BlackRock's private credit arm, HPS Investment Partners, said it lent them over $400 million backed by receivables that appear to be fake, ... ...

Core Insights - Spanish telecoms group Telefonica is set to meet with union leaders to discuss a new strategy that is expected to include voluntary redundancies as part of its restructuring efforts [1] Company Strategy - The upcoming meeting with union leaders indicates a significant shift in Telefonica's operational approach, focusing on workforce reduction through voluntary redundancies [1]

Summary of J.P. Morgan Sector Review Industry Overview - The report discusses the current state of the investment landscape, particularly focusing on the potential for a recession and its impact on various sectors. It highlights the fatigue investors are experiencing due to multiple economic scares over the past few years, including the energy crisis, regional banking crisis, and trade wars [1][2]. Key Points and Arguments Economic Sentiment - Investors are exhibiting "recession exhaustion" after several economic scares that did not lead to downturns, leading to a reluctance to trade based on economic risks [1]. - The report suggests that spreads will likely remain tight and low until a confirmed recession is evident [1]. Sector Recommendations - **Non-Cyclicals vs. Cyclicals**: The preference for Non-Cyclicals over Cyclicals has been removed, with downgrades for IG Healthcare and IG Utilities to Neutral from Overweight. Conversely, IG Retail has been upgraded to Neutral due to signs of demand recovery in luxury goods [2]. - **Cyclicals**: Caution remains in certain cyclical sectors, particularly European manufacturing, which faces high energy costs and competition from low-cost Chinese producers. Underweight positions are maintained in IG/HY Chemicals and HY Autos due to oversupply and refinancing risks, respectively [3]. Financials vs. Non-Financials - A preference for Financials over Non-Financials is maintained, with Overweights in IG Bank Preferred, IG Bank T2, and IG Insurance Senior/Subordinated. The stability of net interest income and solid asset quality are highlighted as positive factors [4][9]. Performance Metrics - The report includes performance metrics for various sectors, indicating that Overweights in Corporate Hybrids and Insurance Subordinated have performed well, while underweights in Chemicals and Consumer Products have lagged [20][21][22]. Specific Sector Insights - **Building Materials**: Strong performance driven by pricing power and potential catalysts from German infrastructure spending [10]. - **Telecoms**: Anticipation of consolidation in the European Telecoms market, with a positive outlook due to regulatory shifts and increased capital expenditure [12]. - **Paper & Packaging**: Demand remains strong, particularly for metal packaging, driven by sustainability trends [13]. - **Autos**: Structural headwinds from Chinese competition and refinancing risks are significant concerns [14]. - **Consumer Products**: A shift towards private-label alternatives is noted, impacting branded goods negatively [15]. - **Chemicals**: Demand remains cyclically depressed, with overcapacity and high energy costs affecting competitiveness [16]. - **Technology**: Increased capital allocation in data centers is expected, with significant planned capex from major tech firms [17]. Conclusion - The report emphasizes a cautious yet strategic approach to sector allocation, with a focus on financial stability and emerging opportunities in specific sectors while remaining wary of cyclical risks and structural challenges in others [1][4][20].

Market Overview - Major U.S. index futures indicate a modestly higher open, with stocks expected to build on gains from the previous session [1] - Concerns about an AI bubble and potential corrections persist, but the current momentum appears to be upward [2] Employment and Layoffs - U.S.-based employers announced 153,074 job cuts in October, a 183% increase from September and a 175% rise from October of the previous year [3] - Year-to-date job cuts reached 1,099,500, the highest level since 2020, driven by AI adoption, reduced consumer spending, and rising costs [4] Individual Stock Movements - Snap (SNAP) shares surged by 19.5% in pre-market trading following a $500 million stock buyback announcement and strong revenue guidance for Q4 [5] - AppLovin (APP) also saw significant pre-market strength after better-than-expected Q3 results [5] - Conversely, DoorDash (DASH) shares fell by 10.6% after reporting Q3 earnings that missed analyst expectations [6] Economic Data - Private sector employment increased by 42,000 jobs in October, rebounding from a revised loss of 29,000 jobs in September, exceeding economists' expectations [9] - The ISM services PMI rose to 52.4 in October, indicating growth, after a reading of 50.0 in September [10] Sector Performance - Airline stocks showed substantial strength, with the NYSE Arca Airline Index rising by 5.8% [11] - Biotechnology stocks also performed well, reflected by a 3.1% increase in the NYSE Arca Biotechnology Index [11] - Computer hardware and semiconductor stocks saw gains, with the NYSE Arca Computer Hardware Index and the Philadelphia Semiconductor Index increasing by 3.1% and 3.0%, respectively [12] Commodity and Currency Markets - Crude oil futures rose by $0.41 to $60.01 per barrel, while gold futures climbed by $31.70 to $4,024.60 per ounce [13] - The U.S. dollar traded at 153.47 yen and $1.1537 against the euro [13] International Markets - Asian markets rose, with Japan's Nikkei 225 Index increasing by 1.3% and China's Shanghai Composite Index jumping by 1.0% [17][16] - European stocks drifted lower despite a recovery in the U.S. market, with Germany's industrial production expanding by 1.3% in September [22]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have expressed their commitment to pursuing their joint acquisition bid for a significant portion of Altice France's telecom activities, despite its rejection by Altice France [1][2]. Group Summaries Bouygues Telecom - Bouygues Telecom is a French digital communications operator with 27.1 million mobile customers and 5.3 million fixed customers, recognized as a leading operator for WiFi and fixed internet connections [7][8]. - The company aims to reduce its scope 1 and 2 carbon emissions by 29.4% and scope 3 emissions by 17.5% by 2027, with targets endorsed by the Science Based Targets initiative [8]. Free-iliad Group - The Free-iliad Group, a major European telecom player, generated €10.0 billion in revenues in 2024 and serves 51 million subscribers across its brands [6]. - In France, the Group operates as an integrated Fixed and Mobile Ultra-Fast Broadband operator with 23.1 million subscribers as of June 2025 [6]. Orange - Orange is a leading global telecommunications operator with a revenue of €40.3 billion in 2024 and serves 300 million customers worldwide [4]. - The Group operates in 26 countries and is a significant player in telecommunications services for multinational enterprises under the Orange Business brand [4].

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have expressed their commitment to their joint non-binding offer to acquire a significant portion of Altice France's telecom activities, despite its rejection by Altice [1][2]. Group Summaries Bouygues Telecom - Bouygues Telecom is a French digital communications operator with 27.1 million mobile customers and 5.3 million fixed customers, recognized as a leading operator for WiFi and fixed internet connections [7][8]. - The company aims to reduce its scope 1 and 2 carbon emissions by 29.4% and scope 3 emissions by 17.5% by 2027, targets endorsed by the Science Based Targets initiative [8]. Free-iliad Group - The Free-iliad Group, a major European telecom player, generated €10.0 billion in revenues in 2024 and serves 51 million subscribers across its brands [6]. - In France, the group had 23.1 million subscribers as of June 2025, and it is recognized as the fifth-largest operator in Europe by retail mobile subscribers [6]. Orange - Orange is a leading global telecommunications operator with a revenue of €40.3 billion in 2024 and serves 300 million customers worldwide [4]. - The company operates in 26 countries and employs 124,600 people, with a significant presence in France [4].